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What Does Public Interest Mean - Dr. Raymond Johnson - Friday - Regionals 2011
 

What Does Public Interest Mean - Dr. Raymond Johnson - Friday - Regionals 2011

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    What Does Public Interest Mean - Dr. Raymond Johnson - Friday - Regionals 2011 What Does Public Interest Mean - Dr. Raymond Johnson - Friday - Regionals 2011 Presentation Transcript

    • WHAT DOES “PUBLIC INTEREST” MEAN?
      NASBA 2011 Regional Meetings
      June 10, 2011 – Omaha, NE
      June 24, 2011 – Point Clear, AL
      Dr. Raymond Johnson, CPA
      1
    • Ethics and StrategicProfessional Issues Committee
      Committee Co-Chairs
      Rick David, CPA
      Gaylen Hansen, CPA
      Public Interest Subcommittee
      Raymond Johnson, CPA, Subcommittee Chair
      Gary Forte, Public Member
      Chad Singletary, CPA
      Cecil Wood, Public Member
      2
    • Assumptions
      A profession is different from an occupation.
      As professionals, CPAs have an obligation to behave in accordance with a “social contract” with the public that transcends any employment relationship with a client or an employer.
      For CPAs in CPA firms, there is an identifiable public that has an interest in a CPA’s work that may differ from engagement to engagement.
      Every CPA will have times in his or her career when they have to balance their firm’s profitability, with a responsibility to a client, with a differing responsibility to the public.
      3
    • Key Questions
      As a profession, have we engrained a thought process that helps CPAs identify conflicts of interest?
      What is that thought process like?
      4
    • Key Questions
      How important is the “public interest” in the average culture within CPA firms?
      Does firm size affect the view/consideration of the “public interest?”
      5
    • Key Questions
      How important is the “public interest” in the culture for CPAs in industry?
      Do CPAs in industry have the support and tools to recognize conflicts of interest and act in the public interest?
      6
    • Key Questions
      Is the public well served when CPAs conclude that, if it’s legal, it’s ethical?
      7
    • Key Questions
      Are there steps that NASBA should take to heighten the awareness of the “public interest” in the work that CPAs do?
      8