Chair's corner.

• Author: Voynich, Scott

As I embark on this new role, I am heartened by contacts with members contributing to the renewal of confidence in our great profession. Individual CPAs in their own communities living out our core values each day contribute immeasurably to the process of renewal and restoration of our reputation as most trusted advisers. Our core values of integrity, competence and objectivity provide the foundation for everything we stand for in this profession. Your example makes the difference. The renewal has begun.

Yes, we are pleased to see the reports about increases in the perception and reputation of CPAs. But, by no means does that mean our work is over. In fact, to be true to our core values, our work will never end. We have faced many challenges. However, the challenges have made us better. They have caused us to reflect on what makes us strong, what makes us unique. Out of that reflection, we move to a time for action. Let me share some of the actions in process.

Reforming the role and makeup of the Auditing Standards Board is necessary to meet the needs of non-public companies and organizations. With the Public Company Accounting Oversight Board authorized to write audit standards only for the SEC-registrant community, it is up to the Auditing Standards Board to develop continuing audit standards to meet the distinct needs of privately held and other non-public entities. We will reconstitute the ASB to provide a membership that better reflects its newly defined constituency--the non-public arena. This will require coordination and cooperative efforts with the PCAOB to ensure that we meet the audit needs of our respective constituencies efficiently and in a timely manner. We intend to share talents and resources to achieve our mutual objectives: improving the...