A key theme of the 2015 AICPA conference was the shared responsibility for maintaining high quality financial reporting.
The 2015 AICPA National Conference on Current SEC and PCAOB Developments was held on December 9, 10, and 11, 2015. The Conference featured representatives from regulatory and standard setting bodies, along with auditors, preparers, securities counsel, and industry experts. Presenters expressed views on a variety of accounting, auditing, and financial reporting topics.
SEC Chair Mary Jo White noted that preparers are the lynchpin of high-quality financial reporting, but auditors and audit committees are also critical participants. Later in the Conference, a panel discussion hosted by Cindy Fornelli, Center for Audit Quality Executive Director, focused on the working relationships between and among what she referred to as the “gatekeepers,” consisting of external auditors and audit committees. The emphasis on the role of all parties involved in financial reporting, together with insights on how to enhance such reporting and highlights of several technical accounting topics, served as the foundation for this year’s Conference. The primary focus was on how internal controls over financial reporting and the roles of management, auditors, and audit committees combine to create high-quality, reliable financial reporting.