Stan Biggs, President, called the meeting to order at 7:40 am.

Selection of Midyear Meeting 2002 Hotel (Dee Stranahan)

Dee discussed the option of holding the 2002 Auditing Section Midyear Meeting at a Disney-affiliated hotel in Orlando, FL, the Royal Plaza hotel.  The Royal Plaza hotel has agreed to offer room rates of $139/night.  In comparison, Disney-owned hotels were willing to offer room rates that were in excess of $245/night.  The XC members discussed the fact that the ATA had used the Royal Plaza hotel for their most recent midyear meeting.  The XC committee members who had spoken with ATA members attending that midyear meeting generally received positive feedback regarding the hotel. The XC discussed the size of meeting rooms and the need to ensure sufficient space. Dee has asked Royal Plaza to send a contract.

Karen moved to approve the Royal Plaza hotel as the hotel site for the 2002 Auditing Section Midyear Meeting and Mark seconded.  The motion was passed unanimously.

The XC discussed the relative attendance at panel and paper sessions at the AAA annual meeting and the midyear meeting.  There is a need to make the meeting planners aware of attendance patterns at panel and paper sessions.

Welcome to New XC Members (Stan Biggs)

Stan welcomed the new XC members.

2002 XC Officer Nominations

The Nominations Committee plans to meet by conference call following the AAA annual meeting in order to determine final nominees for the positions of Academic VP and Treasurer of the XC.  The Nominations Committee currently has a large number of potential nominees.  

ACTION:  Karen will email the XC with the Nominating Committee's recommendations.

2001 Award Winners

Notable Contributions to the Auditing Literature Award:  The Notable Contributions to the Auditing Literature Award Selection Committee has not yet made a selection.  They plan to have a set of selections by August 31, 2000.  

There was some discussion of the appropriateness of making this an annual award.  Additional discussion focused on the criteria of the award, specifically the 5-year restriction.

ACTION:  Karen will follow up with the Notable Contributions to the Auditing Literature Award Selection Committee regarding whether the award should continue to be given on an annual basis, and whether the criteria should be modified.

Outstanding Educator Award:  The Outstanding Educator Award Selection Committee will meet by conference call following the AAA meeting in order to determine the recipient of this award.

Distinguished Service in Auditing Award:  The Distinguished Service in Auditing Award Selection Committee has recommended that Dan Guy be given the Distinguished Service in Auditing Award.  The committee members were David Landsittal, Tom Powell, Bob Sack, and Jerry Sullivan.  The committee recommended that the names of the nominees who were not selected as the award recipient be forwarded to the committee for the following year.  Abe moved to approve the selection of Dan Guy, which Mark seconded.  The motion was unanimously approved.

ACTION:  Abe will follow up to notify Dan Guy of this award and to determine whether Dan will be able to attend the 2001 Audit Midyear meeting.

Outstanding Auditing Dissertation Award: The Outstanding Auditing Dissertation Selection Committee was chaired by Sarah Bonner and includes Chris Hogan, Roger Martin, and Mark Peecher.  The committee has not yet made a final decision.

ACTION:  Stan will contact Sarah Bonner, the committee chair, to obtain the name of the award winner.  

Committee Liaison Structure (Stan Biggs)

Stan provided a summary of the committees for which each XC member is to be the liaison.  He also provided a summary of the liaison process, which involves having each committee chair make periodic reports to their XC liaison member.  Stan asked the XC committee members to adhere to the liaison process.  

Auditing Standards Committee (Kay Tatum and Joe Carcello)

Kay and Joe provided a summary of the proposed activities of the Auditing Standards Committee (ASC).  These activities are based on the charge given to the committee.  

The ASC would like to post the entire inventory of projects and exposure drafts that are on the agendas of the standards setting bodies to the section website.  (The ASC is planning to add the activities of the Institute of Internal Auditors and the IAPC to its inventory of projects.  The XC agreed with this expansion.)  The ASC anticipates updating the inventory quarterly, and notifying the section membership of these updates. Some updates, however, may need to be more frequently than quarterly.  The ASC will work with Glen Gray, webmaster, on this issue.

There was discussion regarding the possibility of the ASC joint venturing with the research committee on some projects.  The ASC will explore this possibility.

The ASC proposed that a summary of the International Standards be included in the "Auditor's Report."  Roger Simnett, a member of ASC, will work with Kay Tatum on this issue.

The ASC will pursue posting the joint project on audit methodology, recently published by the CICA, on the website.  

There was discussion about the preparation of comment letters to exposure drafts of the standard setting bodies and other groups (e.g., ASB, ISB).  The XC recommended that the ASC advise the membership of the opportunity to respond.  In some cases, the ASC should prepare its own response.  Stan encouraged the ASC to explore different mechanisms for developing responses. 

The XC noted that while the publication of a written monograph is not a likely outcome of any of the projects undertaken by the ASC, the possibility of an electronic monograph does exist.

Stan thanked the ASC for all its work and encouraged the ASC to fully publicize its activities.

ACTION:  Karen will follow up with the AICPA on its project inventory and the timing of its preparation.  Karen will then provide this information to Kay Tatum.

Stan will approach the AAA about allowing Kay Tatum and Joe Carcello to email the section membership to update the membership regarding the existence of exposure drafts, invitations to comment, etc.  

PAC (Tom Powell)

Tom Powell announced that Jeri Calle from KPMG would be the new chair of PAC.  Jeri has requested a joint meeting of PAC and the XC at the audit midyear meeting in Houston.

Karen provided the XC with background information on PAC.

ACTION: Stan will follow up to make contact with Jeri Calle, and to schedule a joint meeting as requested.
Stan will talk with J. Calle about the future (e.g., expansion) of PAC.
Karen will send prior PAC materials to Stan.

Next meeting of the XC

The next meeting of the XC will be Thursday, January 11, 2001 prior to the Audit Midyear Meeting in Houston.  
 

The meeting adjourned at approximately 9:45 am.

Submitted by Audrey A. Gramling, Georgia State University
Secretary