Day 1 Takeaways from the AICPA & CIMA Conference

Riveron at AICPA & CIMA Conference on Current SEC and PCAOB Developments, December 9, Washington DC.  

Riveron Accounting Advisory Managing Directors Drew Niehaus, Patrick Garrett, Lara Long, Joe Haehner, and Sarah Kieffer attended day one of the AICPA & CIMA Conference on Current SEC and PCAOB Developments, actively listening to presenters such as SEC Commissioner Mark Uyeda and SEC Chief Accountant Paul Munter discuss a variety of topics including accounting regulations, PCAOB operations the accounting profession, leveraged use of artificial intelligence, ESG reporting and more. Speakers’ comments were all delivered amidst the backdrop of a changing political climate and administration in Washington. 

Here’s our recap for today: 

Commissioner Uyeda Kickoff

In the kickoff keynote, SEC Commissioner Mark Uyeda emphasized the importance of pragmatic regulation, advocating for clear financial materiality thresholds, streamlined disclosure frameworks, and reduced regulatory complexity to enhance effectiveness in areas like crypto and climate reporting. Further, he raised concerns about the PCAOB’s rapidly increasing budget, questioning whether it had reached a steady state after more than 20 years of operations. He called for a review of its effectiveness in achieving the goals set by Sarbanes-Oxley as part of greater comments on structural reforms, suggesting exploring options to improve PCAOB operations, including potentially folding some functions into the SEC, though he acknowledged that this would require legislative action.  

Uyeda concluded by reiterating his commitment to balanced and efficient regulation that protects investors, promotes capital formation, and reduces unnecessary burdens on companies and auditors. He stressed the importance of ongoing dialogue with stakeholders to ensure the SEC’s actions align with the needs of a dynamic global economy. See a full recap of Commissioner Uyeda’s Keynote here. 

SEC Chief Accountant Paul Munter underscored the significance of auditor independence and ethical leadership, highlighting improved transparency in financial reporting standards and the challenges of sustainability, ICFR, and global reporting integration. Munter carefully described the accounting profession currently and highlighted the vital role of accounting and auditing in capital formation, emphasizing that the global economy relies on the quality of financial reporting. He called on all accounting professionals—auditors, preparers, standard setters, and regulators—to work collaboratively to maintain high standards and build investor confidence.  

For more on Munter’s comments, see An Interview with Paul Munter.

More Highlights from today:

• Regulatory Environment:
  Commissioner Uyeda, in context of a new administration, emphasized the importance of pragmatic regulation, advocating for clear financial materiality thresholds, streamlined disclosure frameworks, and reduced regulatory complexity to enhance effectiveness in areas like crypto and climate reporting. 

• Accounting Profession:
  The profession is continuing to evaluate new ways to address talent shortages through initiatives like Accounting+ and reimagined CPA exams that focus on technology and analytics, while maintaining its foundational commitments to ethical governance, trust, and audit excellence. 

• SEC Updates:
  Munter underscored the significance of auditor independence and ethical leadership, highlighting improved transparency in financial reporting standards and the challenges of sustainability, ICFR, and global reporting integration. 

• FASB Priorities:
  FASB focused on enhancing income statement disaggregation disclosures, refining tax disclosures, and improving hedge accounting while ensuring cost-benefit alignment. Stakeholder input remains central to addressing evolving complexities like environmental credits and intangibles. 

• CAO and Controller Insights:
  Panelists highlighted challenges in global expansion, decentralization, and sustainability reporting under frameworks like EU CSRD. They emphasized the importance of transformation, cybersecurity governance, and aligning operations with emerging standards. 

• Technology and AI:
  Firms are leveraging AI for efficiency and governance, while managed services are driving transformation. These initiatives free teams for strategic work, fostering innovation and ensuring readiness for evolving technological demands. 

Check back tomorrow for our recap of Day 2, live from Washington DC.