MINUTES OF THE EXECUTIVE COMMITTEE MEETING
OF THE AUDITING SECTION OF THE AMERICAN ACCOUNTING ASSOCIATION
MEETING DATE: January 18, 1995
MEETING LOCATION: Las Vegas, Nevada
IN ATTENDANCE: Robert Knechel, Karen Pincus, Tom Powell, Gerald Smith, Ira Solomon, Arnie Wright. Guests: Tim Bell
The meeting was called to order at 4:15 p.m.
Solomon
Information/Action
The minutes of the August 11, 1994 Executive Committee meeting, the August 12, 1994 annual business meeting, and the August 13, 1994 Executive Committee meeting were discussed. Robert Knechel moved and Tom Powell seconded that: The minutes of the August 11, 1994 Executive Committee meeting, the August 12, 1994 annual business meeting, and the August 13, 1994 Executive Committee meeting be approved. The motion carried unanimously.
Bell
Information/Action
Tim Bell reported that the research/practice monograph is nearly ready to go to press and discussed with the Executive Committee the options for publication and publicity, including a potential plan to have the AICPA publish the monograph versus Auditing Section publication with KPMG assistance. The consensus of the discussion was that: (1) the goal is to have the monograph distributed before the 1995 annual meeting; (2) all Auditing Section members should receive a copy of the monograph gratis; (3) possible uses for CPE should be explored; (4) and if the monograph is sold, the Section should receive royalties once the break-even point has been reached. Tim Bell agreed to continue exploring the possibilities and report back to the Executive Committee through written communication with Ira Solomon.
Knechel
Information
Robert Knechel reviewed the plans for the Mid-Year Meeting. There were 140 people registered as of the week of the meeting.
Wright
Information
Arnie Wright discussed his progress in appointing people to serve Section positions for next year. The Auditor's Report newsletter editor will be Jean Bedard. Morley Lemon will be the Director of Education. Ray Whittington will chair the ASB Liaison Committee. Four of the seven regional chairs are known: Greg Trompeter (Boston College), Northeast region; Martha Nelson (Franklin and Marshall), MidAtlantic region; Robin Roberts (Iowa State), MidWest region; and Stephen Asare (Florida), Southeast Region. The historian position has not yet been appointed.
Wright/Smith
Information/Action
The Executive Committee discussed the job description of the historian and noted the need for a better written job description, including a description of who may serve as historian. Arnie Wright agreed, with assistance from Gerald Smith, to draft a job description for the August Executive Committee meeting.
Pincus
Information/Action
Karen Pincus provided the treasurer's report for the first five months of the current fiscal year and an update on the Association's new accounting system. A copy of the report is attached. Karen Pincus noted that comparability with prior years and analysis of trends is made difficult by the Auditing section having a different fiscal year-end than the Association, so that audit adjustments made in one year for the Association appear in a different year for the Section. She suggested that with the advent of the mid-year meeting, it may be advisable to change the Section's fiscal year-end to coincide with that of the Association and move the business meeting from the annual meeting to the mid-year meeting. Following discussion, Karen Pincus agreed to raise the issue at the Town Meeting on January 20.
Knechel/Pincus
Information/Action
Robert Knechel and Karen Pincus raised the issue of potentially changing the bylaws to split the Secretary-Treasurer position into two positions since the workload is sufficient to divide the position and doing so would allow for more members to be involved as officers of the Section. Karen Pincus agreed to raise the issue at the Town Meeting on January 20.
Powell
Information/Action
Tom Powell presented his draft of the position description for the Vice Chair-Practice and the executive committee discussed several amendments to the draft. Karen Pincus moved and Robert Knechel seconded that: The position description for the Vice Chair-Practice be approved as amended. The motion carried unanimously. Tom Powell agreed to amend the description; the amended description is attached.
Wright
Information/Action
Arnie Wright presented his draft of the position description for the Vice Chair-Academic and the executive committee discussed several amendments to the draft. Karen Pincus moved and Tom Powell seconded that: The position description for the Vice Chair-Academic be approved as amended. The motion carried with 4 in favor and 1 abstention. Arnie Wright agreed to amend the description; the amended description is attached.
Powell/Knechel
Reconsider/Action
Tom Powell suggested that the Vice Chair-Academic should be assigned responsibility for overseeing the nomination process for the Distinguished Service Award. Thus, Tom Powell moved and Robert Knechel seconded that: The Executive Committee reconsider the previous motion to approve a position description for the Vice Chair-Practice. The motion passed with 4 in favor and 1 abstention. Tom Powell then moved and Robert Knechel seconded that: The position description for the Vice-Chair Practice be amended to include the responsibility to oversee the nomination process for the Distinguished Service Award. The motion passed unanimously.
Powell/Wright
Reconsider/Action
During the discussion of the responsibility for overseeing the nomination process for the Distinguished Service Award, the Executive Committee had occasion to consult the award descriptions as approved at the February 14, 1994 meeting and some questions about the wording of the descriptions were raised, particularly concerning the wording about the chair of the Dissertation Award selection committee. Ira Solomon explained that the policy wording was intended to be permissive, indicating that either the Vice-President-Academic or another party can chair the selection committee for this award. To clarify the policy, Tom Powell then moved and Arnie Wright seconded that: The wording of the description of the Dissertation Award be modified as underlined in the following restatement: The Chair-Elect of the Auditing Section shall appoint a committee consisting of a chairman (who may or may not be a member of the Executive Committee) and three members, each of whom must be independent of any potential nominees, to select the dissertation award winner, if any, for the year. The motion passed unanimously.
Solomon/Knechel/Powell/Pincus
Information/Action
Ira Solomon presented the recommendations from Bill Messier's committee concerning a policy statement on the selection process for the editor of Auditing: A Journal of Practice and Theory. The executive committee discussed the need for clarification of the time line for the process and several other wording issues. Robert Knechel moved and Tom Powell seconded that: The recommendations on the policy for selecting the editor of Auditing: A Journal of Practice and Theory be accepted with appropriate revisions based on the discussion. The motion passed unanimously. Robert Knechel agreed to revise the policy statement draft as needed and present the revised draft to the Executive Committee at its January 22, 1995 meeting; Karen Pincus agreed to provide assistance from her notes on the discussion, if needed.
Solomon/Powell/Knechel
Action
Ira Solomon noted that due to the hour and the number of items remaining on the agenda, it would be advisable to table the remaining items and schedule another meeting for Thursday. January 19 at 8:00 a.m. Tom Powell moved and Robert Knechel seconded that this be done. The motion passed unanimously.
The meeting adjourned at 7:50 p.m.
Minutes submitted by: Karen V. Pincus, Secretary/Treasurer
| JULY - NOV. 94/95 |
JULY - NOV. 93/94 |
Actual, FY94: 7/1/93-6/30/94 |
Proposed budget FY 95 |
||||||
| RECEIPTS: | |||||||||
| Membership Dues (Note 2) | $7,540.00 | $4,784.00 | $25,199 | $25,000 | |||||
| Journal Subscriptions/Sales (Note 3) | 4,459.50 | 950.00 | 10,616 | $16,000 steady |
|||||
| Sales of Publications (Note 3) | 399.02 | 2,286.12 | 3,136 | ||||||
| Journal Submission Fees | 1,600.00 | 1,350.00 | 3,800 | ||||||
| CPE (net) [Note 5] | (375.00) | 1,003.00 | 1,528 | $1,500 prior actual |
|||||
| Contributions/Reimbursements | 4,500.00 | 0 | 9,575 | $9,500 one supp. |
|||||
| Conf/Meeting Registration (Note 4) | 200.00 | 0 | 7,150 | $44,000 mid-yr mtg. |
|||||
| Miscellaneous Receipts | (25.00) | 0 | 25 | none | |||||
| TOTAL RECEIPTS | $18,298.52 | $10,373.12 | $61,029 | $96,000 | |||||
| DISBURSEMENTS: | |||||||||
| Awards | 438.71 | $465.00 | $465 | $1,000 | |||||
| A:JP&T--Printing/Distribution | $9,422.53 | 9,608.75 | 36,498 | $30,000 | |||||
| --Editorial Support [Note 5] | 7,500.00 | 0 | 7,500 | $22,500 ($15K/yr) |
|||||
| Newsletter: The Auditor's Report | 3,821.30 | 2,993.98 | 6,111 | $6,500 | |||||
| Conventions/Meetings | 1,078.87 | 588.97 | 8,542 | $44,000 mid-yr mtg |
|||||
| Miscellaneous (Note 6) | 720.37 | 34.15 | 1,065 | $1,000 | |||||
| TOTAL DISBURSEMENTS | $22,981.78 | $13,690.85 | $60,181 | $105,000 | |||||
| Increase (Decrease) | $(4,683.26) | $(3,317.73) | $848 | $(9,000) | |||||
| Beginning Cash Balance | $63,621.50 | $62,773.74 | $62,773 | $63,621 | |||||
| Ending Cash Balance | $58,938.24 | $59,456.01 | $63,621 | $54,621 | |||||
NOTES:
1. The Statement of Cash Receipts, Disbursements and Cash Balance was compiled from monthly financial reports received from the American Accounting Association national office.
OF THE AUDITING SECTION OF THE AMERICAN ACCOUNTING ASSOCIATION
MEETING DATE: January 19, 1995
MEETING LOCATION: Las Vegas, Nevada
IN ATTENDANCE: Robert Knechel, Karen Pincus, Tom Powell, Gerald Smith, Ira Solomon, Arnie Wright.
The meeting was called to order at 8:15 a.m.
Solomon/Knechel
Information/Action
Ira Solomon noted that position descriptions now exist for all Executive Committee members except the Past Chair. Robert Knechel volunteered to draft a position description for the Past Chair for consideration at the August Executive Committee meeting.
Wright/Knechel/Powell/Pincus/Solomon/Smith
Information/Action
Arnie Wright presented the award descriptions for the Outstanding Auditing Educator and the Distinguished Service Award in Auditing, including purpose, frequency, criteria, eligibility, and selection process. A discussion of the descriptions resulted in several suggested wording changes. Robert Knechel noted that the next call for nominations in The Auditor's Report should highlight the fact that the descriptions have been revised. Tom Powell moved and Karen Pincus seconded that: The description of the Outstanding Auditing Educator Award be accepted as amended. The motion passed unanimously. Robert Knechel moved and Arnie Wright seconded that: The description of the Distinguished Service Award in Auditing be accepted as amended. The motion passed unanimously. Karen Pincus also suggested that past award winners should be listed in the program for the meeting where the awards are presented. Ira Solomon agreed to look into doing this for the banquet program at the next annual meeting and noted that the Historian should collect these meeting programs for the Section archives. Gerald Smith agreed to do so.
Wright/Knechel/Powell/Solomon
Information/Action
Arnie Wright reported on nominations to date for the Dissertation award; Robert Knechel discussed nominations for the Outstanding Auditing Educator; and Tom Powell reported on nominations received to date for the Distinguished Service Award. Ira Solomon requested that if any Executive Committee member has additional nominations for any awards, these nominations should be submitted to the appropriate people by March 15, with a supporting statement for each nominee. Ira will conduct a mail or fax poll of the Executive Committee to complete the award selection process.
Solomon
Information
Ira Solomon presented a report from the editor of The Auditor's Report. The Executive Committee discussed a number of issues relating to the newsletter. The Executive Committee reaffirmed their support for the long-standing policy that final responsibility for the editorial content of The Auditor's Report rests with the editor. The Executive Committee also discussed communications channels available to members for raising issues. These communications channels include: (1) raise an issue at the town meeting at the Section's annual or mid-year meeting; (2) contact a member of the Executive Committee; (3) make a submission for publication consideration to the Auditor's Report; (4) communicate directly with Section members (mailing lists are available for purchase for a small charge from the AAA).
Solomon
Information
Ira Solomon reported that the following Section members have agreed to serve on the Future Audit, Attest and Assurance Services Task Force: Joe Carcello, Nick Dopuch, Bill Holder, Gary Holstrum (chair), Bill Kinney, Bill Messier, Jane Mutchler, Dave Ricchiute, Joe Schultz, and Ray Whittington. The task force will conduct its first meetings during the mid-year meeting.
Solomon/Powell/Hirst
Information/Action
Ira Solomon presented a report from Eric Hirst, Membership Committee Chair on various membership issues. Tom Powell agreed to contact Eric Hirst to advise the committee that the Practice Advisory Council will help determine what attracts practice members and what practice members need from the Section. Ira Solomon agreed to write a letter to Eric Hirst with feedback on the other issues raised in his report and to request that Hirst make a followup report at the next Section business meeting.
Solomon/Powell/Krogstad
Information/Action
Ira Solomon presented a report from Jack Krogstad, 1996 Mid-Year Meeting Committee Chair on various possible locations for the meeting. Following discussion, Robert Knechel moved and Tom Powell seconded that: The 1996 Auditing Section Mid-Year Meeting be held on January 25 through 28 in San Antonio, Texas. The motion passed unanimously. Ira Solomon or Jack Krogstad will announce the dates and location at the Town Meeting at the 1995 Mid-Year Meeting. Ira Solomon agreed to communicate to Jack Krogstad the need to contact Price Waterhouse concerning possible coordination for a case competition or other program. Tom McKee, the current Education Committee chair, and Morley Lemon, the incoming chair, should also be contacted.
Solomon
Information/Action
Ira Solomon discussed the agenda for the Town Meeting and the plans for the annual meeting luncheon speaker. Ira Solomon requested that any suggestions of names/topics for the luncheon speech be submitted to him for consideration by February 1.
The meeting adjourned at 10:55 a.m.
Minutes submitted by: Karen V. Pincus, Secretary/Treasurer
OF THE AUDITING SECTION OF THE AMERICAN ACCOUNTING ASSOCIATION
MEETING DATE: January 22, 1995
MEETING LOCATION: Las Vegas, Nevada
IN ATTENDANCE: Robert Knechel, Karen Pincus, Tom Powell, Gerald Smith, Ira Solomon, Arnie Wright.
The meeting was called to order at 8:05 a..m.
Solomon/Knechel/Pincus
Information/Action
Robert Knechel noted that due to his role as program chair for the mid-year meeting, he was unable to prepare the revised policy statement for selection of the editor of Auditing: A Journal of Practice and Theory for discussion at today's meeting. Ira Solomon requested, and Robert Knechel agreed, that Robert Knechel will prepare the draft and fax it to all Executive Committee members by February 1. Karen Pincus will assist Knechel, as needed, with information from her notes on the discussion.
Knechel/Solomon/Wright
Information/Action
Robert Knechel reported on the Mid-Year Meeting; there were 144 paid attendees. The Executive Committee thanked Knechel for his work in putting together a successful first mid-year meeting. Ira Solomon noted that planning for the 1996 Mid-Year Meeting included the necessity of a room commitment to the hotel that would financially obligate the Section to a minimum number of rooms. The Executive Committee agreed that both Ira Solomon and Jack Krogstad should review the contract before acceptance and that the room commitment should be conservative, with Linda Stafford being requested to identify potential overflow hotels. To insure timely planning for the 1997 mid-year meeting, Arnie Wright will select the committee members as soon as possible, and Ira Solomon agreed to appoint them when selected. The Executive Committee discussed possible locations for the 1997 mid-year meeting, including Fort Lauderdale as a possibility. The Executive Committee members expressed a strong preference that the 1996 and 1997 mid-year meetings should include both education and research sessions. Robert Knechel agreed to contact the 1996 Mid-Year Meeting Committee and the Education Committee concerning the Price Waterhouse Case Competition or other educational effort. Ira Solomon requested that Knechel report back to the Executive Committee as soon as possible.
Pincus/Mock/Solomon/Smith
Information/Action
Karen Pincus presented a report from Ted Mock, editor of Auditing: A Journal of Practice and Theory. Production is on or ahead of schedule on the regular issues, but production of the supplement continues to be severely delayed in Sarasota despite timely submission of copy due to the Association's policy of working on supplements only as time permits. Turnaround time from practice reviewers continues to be longer than that of academic reviewers. Ira Solomon reminded Gerald Smith that he had agreed to trace the history of policy statements on the use of practice reviewers and distribute these statements to the Editor and the Executive Committee before the mid-year meeting and requested that this be done as soon as possible. Ira Solomon requested that Ted Mock prepare for the August Executive Committee and Business meeting a formal report on submissions, turnaround time, and disposition of submitted papers, and also provide a brief update on these issues to the Executive Committee by March 1 for information purposes. Ira Solomon also noted that Ted Mock was to submit a revised policy statement on supplements for Executive Committee consideration at this meeting and requested that Ted Mock submit this policy for Executive Committee consideration at its next meeting.
Smith/Powell/Solomon
Information/Action
Gerald Smith presented a report on his plans for the Section manual. The Executive Committee was in consensus that updates to the manual should be delivered before each Executive Committee meeting rather than on the current schedule. Tom Powell raised the issue of electronic storage of records and Gerald Smith asked for advice on this issue. A discussion of potential storage methods and costs ensued, including a discussion of the possibility of partnering with a professional organization such as the Institute of Internal Auditors to do the initial setup of a document retrieval system. Ira Solomon requested that Gerald Smith prepare a plan for how to store section records electronically. This report will be presented to the Executive Committee in August.
Solomon/Knechel
Information/Action
Ira Solomon presented a report from Jim Yardley, CPE Committee chair, on CPE activities planned for regional meetings, the section mid-year meeting, and the annual meeting. The Executive Committee was in consensus that the CPE session by Bally's at the mid-year meeting had been very high quality. The Executive Committee discussed Yardley's comment about difficulties coordinating CPE for the regional meetings. Tom Powell suggested that there is a need to share information between regions, such as information about planned CPE events and success rates for past events. The Executive Committee also discussed the goals of CPE and agreed that the primary goal is member service, subject to the constraint that CPE activities must at least break-even financially. A discussion of the appropriate policy for charging or not charging meeting registration fees to invited speakers from outside the Section concluded with Robert Knechel agreeing to advise Linda Stafford and the meeting chairs that non-section members invited to speak at section meetings should not be charged a registration fee.
Solomon
Information
Ira Solomon presented a brief report on the strategic planning activities.
Solomon
Information/Action
Ira Solomon presented a report on the initial meetings of the Future Audit, Attest and Assurance Services Task Force. The task force met two times at the mid-year meeting and feels the need to meet once more before the August meeting so they can report to the membership in August. The Task Force submitted a travel budget request of $5,000 to hold a West Coast meeting of the 10 members on May 13-14. The Executive Committee discussed the advisability of committing Section funds versus the need to maintain the independence of the Task Force. Tom Powell moved and Arnie Wright seconded that: A travel budget of a maximum of $5,000 be provided to the Future Audit, Attest and Assurance Services Task Force to fund a May 1995 meeting. The motion passed with four in favor and one opposed.
Solomon/Hirst
Information/Action
Ira Solomon volunteered to prepare an updated position description for the Section Chair and will request that Eric Hirst prepare an updated position description for the Membership Committee chair for consideration by the Executive Committee at its next meeting. The next Executive Committee meeting will be held in August in Orlando, Florida at the American Accounting Association annual meeting. Ira Solomon will distribute an agenda, including time and location, to the Executive Committee.
The meeting adjourned at 10:00 a.m.
October 21, 1998
