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/CITP Past Chairman (2008-09) AICPA

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Page 1: Heroes or Scapegoats? Accountants in the Crisis November 17, 2009 Ernie Almonte, CPA/CFF/CITP Past Chairman (2008-09) AICPA

Heroes or Scapegoats?Accountants in the Crisis

November 17, 2009

Ernie Almonte, CPA/CFF/CITPPast Chairman (2008-09)AICPA

Page 2: Heroes or Scapegoats? Accountants in the Crisis November 17, 2009 Ernie Almonte, CPA/CFF/CITP Past Chairman (2008-09) AICPA

Fair Value

Page 3: Heroes or Scapegoats? Accountants in the Crisis November 17, 2009 Ernie Almonte, CPA/CFF/CITP Past Chairman (2008-09) AICPA

Regulatory Reform

Broker-Dealer Regulation

Consumer Financial

Protection Agency

Investor Protection Act

International Financial Reporting

Standards

Page 4: Heroes or Scapegoats? Accountants in the Crisis November 17, 2009 Ernie Almonte, CPA/CFF/CITP Past Chairman (2008-09) AICPA

Economic Crisis andRecovery Center

• 70,000 Unique Visitors• 175,000 Page Views

Page 5: Heroes or Scapegoats? Accountants in the Crisis November 17, 2009 Ernie Almonte, CPA/CFF/CITP Past Chairman (2008-09) AICPA

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

Page 6: Heroes or Scapegoats? Accountants in the Crisis November 17, 2009 Ernie Almonte, CPA/CFF/CITP Past Chairman (2008-09) AICPA

Role of Accountants

Page 7: Heroes or Scapegoats? Accountants in the Crisis November 17, 2009 Ernie Almonte, CPA/CFF/CITP Past Chairman (2008-09) AICPA

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