The Sky Is Not Falling
Re: AICPA's Plan for Global Business Designation Forges Ahead
From: Tom Tone, tntcpa@twk.com

The only way the AICPA could enlist the support of all the firm members to write their local congressman was to threaten that any rule change would equally apply to all.  Well, they don't. When will we, as a group, learn that the sky is not falling just because the AICPA leadership says it is?

The small firms, although they probably account for most of the audit failures just on the shear numbers alone, are not directly in the rifle scope of the SEC. Those shareholder losses tend to be small when compared to say, a Cendant.
 
And the SEC chief wants the local firms to take control of the AICPA back (like we ever had it!!!).