Looking Forward: A Talk with Leslie Murphy: Leslie Murphy, Managing Partner of Client Service for Plante & Moran, Will Become the AICPA Chair at the Institute's October Annual Meeting. the JofA Will Publish Her Acceptance Speech in a Future Issue
Leslie Murphy has had a distinguished career. As a member of the senior leadership team at Plante & Moran, she has been a manager in the areas of assurance, tax, management consulting, technology consulting and corporate restructuring. She also cofounded the firm's PTA Committee, which is responsible for work/life initiatives. During her years of service with the AICPA, she has served on the board of directors and as chairman of the finance committee. In addition she has worked extensively with the Michigan Association of CPAs, United Way, the Michigan Women's Foundation, Michigan's Children and Junior Achievement. In anticipation of taking on her latest leadership role, she shared her thoughts with the JofA. THE PROFESSION TODAY JofA: The past few years have been a period of self-reflection for the accounting profession as it addressed the criticisms and concerns of the general public, regulators and primary users of financial information. What has the profession accomplished and what are the key things that still need to be done? Murphy: The profession's response in the face of some very difficult times has been exceptional. We have improved the independence rules, finalized certain auditing and accounting changes and initiated others in ethics, enforcement and peer review standards affecting private companies. We have addressed audit quality and supported it by launching the Employee Benefits Audit Quality Center, the Government Audit Quality Center and the Center for Public Company Audit Firms. We have further developed strong working relationships with regulators, including the PCAOB, as well as with legislators and government agencies. Today, we are working in a far more coordinated manner than ever before with a wide range of groups affecting our profession. We created a state-of-the-art CPA examination that screens candidates much more effectively for the skills and knowledge necessary to be successful in our ever more complex world. In line with our long-term commitment to serving the public, we launched an unprecedented CPA-driven nationwide financial literacy initiative that is truly sweeping the country. THE CHAIR'S ROLE JofA: What are the primary goals for you and your leadership team in the coming year? What do you see as your biggest challenge and your greatest opportunity? Murphy: I am fortunate to have served on the AICPA board for the past three years when our current initiatives were debated and formalized. I plan to sustain the positive momentum we have achieved through innovation and a willingness to change and step up to challenges and complex issues. We have a great profession, and I am determined to do my part to ensure the AICPA continues to serve and support our diverse membership. At the same time, we must continually strive to help CPAs serve the public and live up to our high professional standards. We also need to celebrate the opportunities that our profession provides so that it becomes even more attractive and enjoyable as a career. Our biggest challenge will be to set priorities for initiatives and projects based on limited resources. JofA: What objectives have you identified? Murphy: We have a very aggressive agenda already in progress. We are developing significantly enhanced resources for all of our very diverse members, including those in business and industry, to assist them with the ever more challenging demands of the profession. We also expect to continue exploring private company accounting principles, evaluating potential changes from public company GAAP and also continue our very successful outreach to educate the public on financial literacy topics as more Americans struggle with managing their financial commitments in this rapidly changing world. Finally, we need to address the increasing shortage of qualified staff in our profession. Regulatory demands and recent business failures have created unprecedented demand for staff with financial skills, particularly in the area of internal controls. …