Professional issues


The number of CPAs in Congress grew as a result of November’s elections.

Rep. Brad Sherman held off Rep. Howard Berman in an unusual and hotly contested race between two congressional Democrats in California’s 30th District as all eight CPAs serving in the House of Representatives won reelection.

In addition, Republican Tom Rice won in South Carolina’s newly created 7th District, and Democrat Patrick Murphy unseated Rep. Allen West in a tight race in Florida’s 18th District.

The total number of CPAs in the House rose to 10, and the number of CPAs and accountants in Congress jumped to 12. The two accountant senators, Mike Enzi (R-Wyo.) and Ron Johnson (R-Wis.), were not up for reelection in 2012.

In addition to Sherman, the other CPAs who won reelection were:

  • Rep. Mike Conaway (R-Texas)
  • Rep. Bill Flores (R-Texas)
  • Rep. Lynn Jenkins (R-Kan.)
  • Rep. Steven Palazzo (R-Miss.)
  • Rep. Collin Peterson (D-Minn.)
  • Rep. John Campbell (R-Calif.)
  • Rep. James Renacci (R-Ohio)


In February 2011, Sherman and Conaway created the Bipartisan Congressional CPA Caucus. The informal group is dedicated to discussing and formulating innovative policy approaches to issues of interest to CPAs such as tax administration and compliance, and accounting and auditing standards. The caucus also seeks to reduce the compliance burden of tax laws.

SPONSORED REPORT

How to audit high risk areas

Revenue recognition, internal control over financial reporting, accounting estimates and going concern are areas of audit that have emerged as particularly challenging and complex.

NEWS

Revenue recognition revisited

A reexamination of new revenue recognition rules has led to tinkering with the standard that is considered the biggest achievement of the convergence efforts of FASB and the International Accounting Standards Board.

INTERVIEW

Staying focused at the top

Olivia Kirtley, CPA, CGMA, an accomplished corporate director with almost 20 years of experience serving on boards, talks about strategic, risk, and compliance issues that keep board members up at night.