FROM THE DIRECTOR'S CHAIR

Golf, and Change, are in the Air

Summer is in full swing, and our 18th annual RISCPA Golf Outing was a great success. The turnout was successful, the weather cooperated and those in attendance, once again, had the opportunity to network with a ‘who’s who’ in the worlds of accounting, law and financial services.

For the third consecutive year, Caritas House was our designated charity, where a portion of the proceeds were earmarked for that wonderful organization. Likewise, this was the third year Warwick Country Club provided its pristine greens for the day’s activities. A special thanks to our lead sponsor, Coastway Community Bank, and their President Bill White for the terrific support. Also thanks to the event’s co-sponsors of the lunch, The Employers Association (Paul Martineau, President), and Bryant University (James Damron, Vice President).

A most interesting fact: Since the Society commenced its annual Golf Outing, this is the first time an academic organization has served as sponsor! Congratulations are most certainly in order for Ned McCrory and members of RISCPA’s Social Committee for their fine effort in assisting in the production of the event. Kudos to RISCPA staff members Denise Jacobson, Ellen DeCataldo and Nancy Ourique for the excellent effort provided prior to and on the day of the outing.

CPE was one of the key elements of the Society’s efforts in President Lambi’s recent message to the members. Much emphasis is being placed on relevant courses as they relate to the needs of the diverse specialties of our members. We’re fortunate to have Sharon Kennedy spearhead efforts on the CPE front in her capacity as Chair of the RISCPA CPE Committee. Sharon’s unique talents and her focus will certainly help mesh the new with the traditional and keep our fine program fresh, competent and profitable.

RISCPA’s Board recently convened during June for what has become an annual retreat. The emphasis: revisit the three strategic goals and associated one-year action plans as introduced last year. Once again, Bill Pirolli served as facilitator for this robust review and lively exchange of ideas. In all, President Lambi will be highlighting the results at the Society’s upcoming Membership Day on Sept. 30. More about the day’s activities and affiliated networking program will be forthcoming in August.

Well, it seems if you’re willing to wait a dozen years, then things do change. While such a statement may seem confusing to most, it’s abundantly clear to Cap Willey, a political aficionado and key member of RISCPA’s Tax Committee. Recently, while discussing the recent passage of tax reform in R.I., Cap reminisced about the countless meetings and discussions throughout the years with political leaders of all mindsets on the need to reshape Rhode Island’s competitive profile compared to our neighbors Massachusetts and Connecticut. Along with many fine RISCPA members who assisted along the way, the Society’s efforts certainly helped make a difference in this important matter. To provide a recap of the bill and other changes, Dave Morganelli, Chair of RISCPA’s Tax Committee, will help prepare a rundown for members via electronic distribution. Be on the lookout for this helpful guide over the next two weeks.

On the national legislative front: The U.S. Supreme Court recently ruled that only a very small, specific part of SOX – the provisions about how a PCAOB appointee can be removed from the Board – is unconstitutional because the process violates the Constitution’s appointments clause. Because of the AICPA’s support of SOX, and having an effective regulator to enhance investor protections, this ruling represents a huge win for the profession. It should be noted that the Court separated the board member removal issue from the rest of SOX, and specifically said that PCAOB should continue to operate, and that SOX remains fully operative. In effect, that makes it a specific ruling on just a small part of SOX. For those members who comply with SOX (both public company auditors and those in business & industry who comply with SOX), day-to-day activity will remain the same.

Please reserve Sept. 30 for RISCPA’s Membership Day. More to follow in the coming weeks. To all our members and readers, have an enjoyable summer.

Bob Mancini