By Simon Eskow

The New York State Society of CPAs has established a committee that will focus exclusively on auditing and accounting in a global economy.

The NYSSCPA Executive Committee recently approved the launch of the Global Accounting and Auditing Committee for members with a vital interest in accounting and Generally Accepted Accounting Practices (GAAP) issues. About 20 members have already expressed interest in joining.

Committee activities will focus on auditing and regulation of foreign entities whose financial statements are used in the U.S., including subsidiaries and affiliates of U.S. entities; accounting and reporting of financial statements for use in foreign countries; and the process of harmonization and convergence of international accounting standards.

Members will monitor final releases, proposals and agendas of organizations concerned with international accounting standards—such as the International Accounting Standards Board, the International Auditing Practice Committee and the U.S. Securities and Exchange Commission—to keep the membership abreast of important developments. The committee also will attempt to influence the formulation of such standards by responding to proposals issued by these organizations that directly affect global accounting practice.

Activities will also include answering technical questions from Society members, discussion of current practice problems, and annual or evening technical sessions.

The NYSSCPA is in the process of forming the committee with the aim of a debut some time before June 1. Anyone interested in joining the committee should contact Nereida Gomez, committees manager, at (212)-719-8358 or ngomez@nysscpa.org.