AICPA establishes Committee on State Regulation

NEW YORK, Nov. 14, 2002 — A new AICPA committee is studying possible implications that the Sarbanes-Oxley Act might have on state legislation and regulation.

Headed by Kathy Eddy, previous AICPA chair and partner in McDonough, Eddy, Parsons & Baylous in West Virginia, the Special Committee on State Regulation will assist the AICPA and state societies in monitoring proposals that mirror the new federal legislation and could impact small businesses, non-profit entities and other entities that are not publicly traded, and the CPAs who serve them.

Other members of the committee include members in business and industry, public practice, state boards of accountancy, state CPA societies and government.

The committee's major charges are to make recommendations to the AICPA Board of Directors and to provide guidance to the states. With a focus on protecting the public interest, the committee is examining such issues as limitations on services, auditor rotation and peer review.

"Uniformity is a key issue that the committee will address," Eddy said. "A lack of uniformity in standards, regulation and legislation could have an unintended adverse effect on the public. We hope the guidance provided by our committee will help the legislative and regulatory process."

The committee will share its findings and recommendations through various methods, including AICPA and state society publications, a special Web site section, videos and special e-mail bulletins.

The members of the committee are:

Ernie Almonte, Office of the Auditor General, Rhode Island
Bill Balhoff, Postlethwaite & Netterville, Louisiana
Neal Harte, Vitale, Caturano & Co., Massachusetts
Cindie Hubiak, Arizona Society of CPAs
Carlos Johnson, Oppenheim, A Division of BOSC, Inc., Oklahoma
Mike Mares, Witt, Mares & Co., PLC, Virginia
Mike Mountjoy, Carpenter, Mountjoy & Bressler, PSC, Kentucky
Ron Rotaru, Accountancy Board of Ohio
Hal Schultz, PricewaterhouseCoopers, LLP, California
John Sharbaugh, CAE, Texas Society of CPAs
Alan Steiger, CPA, A-dec, Oregon
Buddy Turman, Florida Institute of CPAs

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