THE AUDITING SECTION'S PRACTICE ADVISORY COUNCIL MEETS IN CHICAGO

The first meeting of the Practice Advisory Council (PAC) of the American Accounting Association (AAA) Auditing Section was held in Chicago, IL, on August 15 in conjunction with the AAA's annual meeting.

The PAC is currently made up of 11 high-level audit executives, each with over 20 years experience in their field. The members include:

  • Richard L. Baird, Partner, Coopers & Lybrand, LLP;
  • Lance J. Beckett, Manager of Audit, Exxon Company, USA;
  • James L. Fuehrmeyer, Jr., Partner, Deloitte & Touche, LLP;
  • Graham Joscelyne, Auditor General at the World Bank;
  • Gaylen Larson, former Chairman of COSO and current Board Member of the FASB;
  • John D. Miller, General Auditor, Tenneco Management Company;
  • John M. Nash, President, National Association of Corporate Directors;
  • Thomas E. Powell, President, The Powell Group, Inc.;
  • Dennis R. Schueler, National Director of Internal Audit Services, Price Waterhouse (and newly elected Vice President of Practices AAA Auditing Section);
  • Joseph T. Wells, Chairman, Association of Certified Fraud Examiners; and
  • Andrew R. Zaleta, Vice President, AT Kearney.

    • Both academics and practitioners have been concerned that in recent years the gap has been widening between audit practitioners and academicians. This new group was formed to re-energize the relationship and to establish new areas for mutual benefit.

    The mission statement of PAC is to serve the Auditing Section of the AAA in these areas:

    1. To review practitioner involvement in Section activities and to suggest actions and alternatives.
    2. To provide counsel to researchers and educators on topics of interest, presentations and resourcing.
    3. To facilitate the teaming of practitioners and academicians to improve delivery of services in both areas.
    4. To perform an environmental scan and disseminate, at least annually, a short list of emerging issues affecting practice.

    The members of this group are self-sponsoring and their activities will be benchmarked to reveal the impact that theyíre having on academic activities and practices.

    The group plans to meet at least twice annually in conjunction with the annual and midyear meetings of the AAA Audit Section. The next meeting will be held during the Sectionís Midyear meeting in Jacksonville, Florida, in January.

    PAC has a tremendous amount of potential, particularly in teaming academicians and practitioners to work on specific projects, develop resourcing, provide access to data, and cooperate to improve the audit environment.

    We are looking for input to its process and activities. We welcome any ideas that members might have about this new endeavor. Please send any comments or ideas via email to Thomas Powell <tpowell@digital.net> or to the address below:

    Thomas E. Powell, CPA, CIA
    1938 Maple Leaf Drive
    Windermere, FL 34786

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