PCPS update.

• Author: Balhoff, William
• Position: Private Companies Practice Section

Dear PCPS Members:

Happy New Year!

As we close our 25th Anniversary year and herald the arrival of 2003, it seems appropriate to take a moment to look back at all that we have accomplished in 2002 and what we anticipate for the year ahead.

2002: The Year In Review

As PCPS celebrated 25 years of advocacy, action and answers, we found ourselves confronted with new challenges and opportunities.

Here are some of the highlights of the year:

Sarbanes-Oxley Response: As the year began, we faced a significant challenge to the profession: the Enron debacle. As the news unfolded and the media and government called accountants to task, PCPS e-mailed materials to the managing partners of all PCPS member firms with updates on the profession's response, as well as recommendations on how to communicate with clients, staff, and bankers about the quality of your firm and its work. In addition, PCPS provided regular updates, toolkits, statements of position, and transcripts of media interviews through our Web site www.pcps.org.

As the government began to take action and consider legislation, as chair of the PCPS Executive Committee, I had the privilege to testify before the Senate Committee on Banking, Housing, and Urban Affairs. My testimony addressed the concerns faced by small firms and small businesses in the U.S. in light of the Enron crisis. After the legislation was crafted, we posted regular updates on Sarbanes-Oxley to our Web site including transcripts of speeches and testimony. Finally, on August 26th and 28th, the AICPA and PCPS hosted conference calls for CPA firms across the country to hear a panel of speakers address the newly implemented Sarbanes-Oxley legislation. We were thrilled that more than 250 practitioners listened in on the calls and participated in the question and answer periods that followed. The transcripts are posted at http://www.pcps.org/member/sarbanes_oxley_2002.html.

New Website: In June, PCPS launched its new Web site www.pcps.org. The new site boasts a multitude of resources for member firms. In addition to keeping you posted on what is going on at PCPS, the recently opened "members only" section of the site grants instant access to member benefits, such as exclusive survey results, technical issues alerts and updates on developing legislation and important accounting news. If you haven't been there recently, please stop by to check out our new look and improved offerings.

TIC Committee: Throughout the summer, the PCPS...