Letters To The Editor
The [November 2004 "Road Ahead"] refers to the Uniform Accountancy Act (UAA) a model bill and set of regulations that the American Institute of CPAs (AICPA) and National Association of State Boards of Accountancy (NASBA) designed to provide a uniform approach to regulation of the accounting profession - certified public accountants. Why is the UAA a "hot button"? Because it requires change. Change to break down the economic barriers that exist. It is because of the accounting scandals that we as a profession are taking on this responsibility. The business scandals have been painful to members of our great profession - because it is made up of honest people. Great professions take responsibility. We are committed to our core values, commitment to integrity, and protection of public interest. The UAA enhances the protection of the public interest where it is most critical - in the area of attest services. The UAA raises the standards. Hawaii has already adopted the education provision of the UAA. When we did, it increased the education requirement to become a CPA. Another provision of the UAA that would raise the standards is mandatory peer review. Increased transparency in governance has become a mandate in today's business markets. The regulatory climate has changed to the point where the profession needs to focus on peer review and increase the transparency of the process. In order to provide a balance between public protection and free market competition, it is essential that we respond to today's marketplace. The UAA will remove barriers that limit CPAs and CPA firms from competing effectively for a broad range of professional services. We can't build a wall around Hawaii - we are part of the global economy. We should accept that fact, and do our best to be leaders. Board of Directors ANOTHER CPA ON THE UAA The UAA certainly does not lower the standards of CPAs. It simply reflects the changing environment of our profession. Services of CPA firms are branching into many other areas besides accounting, write-up and taxes to meet the needs of small businesses and individuals; financial planning, investment analysis, wealth building strategies, business valuation, litigation support just to name a few. The CPA firm that limits its services to what was being practiced 20 years ago, in my opinion, is headed for a depressed fee structure, stagnant growth, mediocre earnings, and less attractive wages for those wanting to enter the profession. CPA firms need to expand their reaches since they have most of the tools needed to help individuals and businesses with all aspects of finances. Many unlicensed practitioners are already reaching into "our" territory and certainly diluting the fee structure of traditional CPA services. We must stop bickering and infighting among our peers and instead move forward in improving our abilities to help small businesses and individuals, which the UAA allows. We must also assist the general public by creating regulations and continuing education requirements for non-licensed practitioners and credentialed practitioners with no knowledge of taxes and accounting, who are the real culprits in delivering unacceptable services.
William L. Wong CPA, PFS, CVA JUST DO IT As the recent executive director of the Hawaii Community Loan Fund, our mission is to support economic development for Hawaii's low to moderate income communities by providing credit and related technical assistance, focusing on the efforts that encourage and support the growth of small businesses in Hawaii which helps not only the individuals achieve their own personal dreams and achieve financial improvement, but also adds to the economic sustainability that is so important for Hawaii. Mahalo for your commitment and the commitment of Hawaii Business to make positive contributions and make a difference - we need everyone to be like-minded! Paul Rehob
|
Do you like what you read? Subscribe to Hawaii Business Magazine »
Hawaii Business magazine invites you to comment on our articles and the issues they raise. Comments are moderated for offensive language, commercial messages and off-topic posts and may be deleted. Some comments may be chosen for inclusion in the magazine on the Feedback page.