heroes or scapegoats? accountants in the crisis november 17, 2009 ernie almonte, cpa/cff/citp past...
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Heroes or Scapegoats?Accountants in the Crisis
November 17, 2009
Ernie Almonte, CPA/CFF/CITPPast Chairman (2008-09)AICPA
Fair Value
Regulatory Reform
Broker-Dealer Regulation
Consumer Financial
Protection Agency
Investor Protection Act
International Financial Reporting
Standards
Economic Crisis andRecovery Center
• 70,000 Unique Visitors• 175,000 Page Views
Audit Quality Centers
Communicating with Members & Federal Agencies
Monitoring Congressional
Activity
Assisting Members with Financial
Statement Audit Implications
Subprime Mortgage Crisis
Investment Portfolio Risk
Pension Underfunding
Fair value requirements 403(b)
Plan liquidity, freezes &
terminations
Role of Accountants
Despite Recession, Moving forward
CPAs Continue to Serve as• Trusted advisers• Objective experts• Advocates for the public good
Advocacy success
Continued leadership in financial literacy, IFRS, PCFR
Record enrollments & graduates
CPA reputation high
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