President’s Perspective

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MARCH/APRIL 2018 Volume 31, No. 2

Managing Editor Jill Edmonds disclosures@vscpa.com

Contributing Editor Chip Knighton cknighton@vscpa.com

Public Affairs & Communications Director David Bass dbass@vscpa.com

Editorial Task Force Olaf Barthelmai, CPA Adam Chaikin, CPA Cheri David, CPA Jennifer Eversole, CPA Genevieve Hancock Alesia Lewis, CPA Harold Martin Jr., CPA David Peters, CPA Mark Plostock, CPA Barbara Sukramani, CPA

Disclosures is published six times a year by the Virginia Society of Certifi ed Public Accountants (VSCPA). The magazine’s mission is to communicate information of value to VSCPA members, including professional issues and VSCPA initiatives. The materials and information in Disclosures are offered as material only and not as practice, fi nancial, accounting, legal or other professional advice. Statements of fact and opinion are made by the authors alone and do not imply an opinion on the part of VSCPA offi cers, members or editorial staff. Publication of an advertisement in Disclosures does not constitute a VSCPA endorsement of the product or service. Copyright © 2018 Virginia Society of CPAs.

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president’s perspective

Maintaining a foundation of trust

Ihope, by now, you have read about VSCPA2025, our dynamic vision for the profession and strategic roadmap ensuring CPAs are as relevant in the future as they are today. As it should, VSCPA2025 focuses heavily on navigating changes that have already started to alter the profession, and, throughout the 2025 visioning process, we constantly heard phrases like “reimagining current programming,” “technology and change drive our society,” “rapidly changing technologies and shifting demographics” and “highly competitive global workforce.”

It’s important to be aware that change is occurring more rapidly than ever, and CPAs must lead others in understanding and embracing change. However, VSCPA2025 is equally about maintaining the core set of values and highly ethical behavior that have been the foundation of the CPA profession for more than 125 years. It is this foundation of trust that has set CPAs apart.

The ethical values that govern the CPA profession are simple, yet vital. CPAs must act with integrity — they must be honest and forthright regarding all aspects of their work, not only financial information. They must maintain objectivity and independence to avoid conflicts of interest that can undermine their work and even our entire business ecosystem. And they must exercise due care in scrupulously following technical standards that have been developed over decades of practice and enshrined as U.S. Generally Accepted Accounting Principles.

And it’s not easy — that’s why trust is such a precious commodity, especially in today’s culture of “fake news” and “alternative facts.” This is why the profession has created myriad organizations aimed at protecting that foundation by enforcing ethical behavior and continually educating practitioners on how to remain ethical despite challenging situations. It remains so important, because it’s so easy for unethical behavior to undermine the entire profession and render its work useless. The core mission of the VSCPA is to empower our members to thrive, and we do this by creating opportunities and removing barriers to your success. Maintaining the profession’s strong reputation of trust and excellence is a top priority of our work, and we achieve this through our ethics enforcement program and Peer Review, by providing the highest quality ethics training each year and by promoting the ethical core of the profession to lawmakers, students and the public at large. The VSCPA works hard to ensure the profession remains steadfast and respected, but, ultimately, it’s each of you, our members, whose hard work and daily decisions truly matter in the end.

Despite many changes and challenges, the CPA profession is strong and poised for an exciting and prosperous future. As we look to the future, let’s take time to reflect on how far the profession has come. Let’s be thankful for what past practitioners have done day-in and day-out over decades to make this profession one of the most trusted and respected in the country. And let’s continue to put in the hard work and be the trusted advisors our future needs. n

Stephanie Peters, CAE, has served as VSCPA president and CEO since 2007.

speters@vscpa.com @StephPeters connect.vscpa.com/StephaniePeters