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PCAOB Chief Speaks PCAOB Chair William J. McDonough fields questions from attendees of the SEC Practice Under the Sarbanes-Oxley Act Conference. During his speech, McDonough discussed his views on the oversight board, which he believes can play a significant role in helping firms restore confidence and faith in the accounting profession.

By Dennis O’Leary, Legislative Counsel

ALBANY—Since 1999, the New York State Society of CPAs has supported bringing substantial equivalency, one of the centerpieces of the Uniform Accountancy Act, into the accountancy laws in New York state. After years without reform in this arena, the state board of accountancy is calling for the provision, too. 

For almost five years, the State Education Department’s (SED) legislation has not provided for substantial equivalency, which is designed to allow CPAs to easily practice both in person and electronically across jurisdictions. However, at its Sept.10 meeting, the New York State Board for Public Accountancy voted 12-1 to recommend to the SED that substantial equivalency be included in the department’s accountancy reform legislation, S.4935 by Sen. Kenneth LaValle and A.8286 by Assemblyman Ronald Canestrari. Continue...