association of international certified professional

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Association of International Certified Professional Accountants

Board of Directors

Meeting Minutes: Wednesday, April 21 – Thursday, April 22, 2021

Contents (by Topic)

Attendance .................................................................................................................................................... 2 Welcoming and Opening Remarks from the Chairman & Vice Chairman .................................................... 3 Report from the CEO ..................................................................................................................................... 3 Scenario Planning: Managing COVID-19 Risk to the Profession ................................................................... 4 Acccelerating Management Accounting in the Americas ............................................................................. 4 Governance Task Force Report ..................................................................................................................... 4 Report from the Audit & Finance Committee ............................................................................................... 5 Regional Advisory Panel's Insight and Input ................................................................................................. 5 The Current Legislative and Regulatory Landscape ...................................................................................... 5 Remarks from Outgoing Board Members ..................................................................................................... 6 Closing Remarks by the Chair and CEO ......................................................................................................... 6

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Board of Directors

Minutes of Meeting: Wednesday, April 21 – Thursday, April 22, 2021

A meeting of the Association Board of Directors was held on Wednesday, April 21 – Thursday, April

22, 2021 (via conference call). The meeting convened at 8:00am ET and a quorum was declared.

Attendance

The following Board members were present:

Paul Ash Sheila Balzer Mark Begich Bruce Behn Kasia Ciezkowska Louise Connaughton Mary Grace Davenport Rick Dreher Joe Falbo Sarah Ghosh Tracey Golden Andrew Harding Nick Jackson Melanie Kanaka Shirley Liu Carla McCall

Anoop Mehta Barry Melancon Randy Myeroff Trisha Nomura Anne Northup Joel Olbricht Dominic Ortiz Robert Phillips Bill Pirolli Amy Radin Okorie Ramsey Amal Ratnayake Bill Reeb Doug Roosa Asif Sadiq

Also present:

Erik Asgeirsson, Chief Executive Officer- CPA.com

Michael Buddendeck, General Counsel

Lawson Carmichael, Chief Membership & Operating Officer

Sue Coffey, CEO - Public Accounting

Yasmine El-Ramly, Director – Governance

Jamie Finnegan, Vice Chair – UK Regional Advisory Panel

Jamie Geary McNair, Manager – Governance

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Sarah Gentry-Kanashiro, Associate Manager – Governance

Tom Hood, Executive Vice President - Business Growth & Engagement

Geoffrey Jjuko, Chair – Africa Regional Advisory Panel

Janice Maiman, Executive Vice President – Content & Corporate Communications

Ash Noah, VP - Managing Director - MA Learning, Education & Development

Mark Peterson, Executive Vice President – Advocacy

Scott Spiegel, Chief Financial Officer

Irene Teng, Executive Vice President – Global Markets

Marta Zaniewski, Vice President - State Regulatory & Legislative Affairs

Welcome and Opening Remarks from the Chairman & Vice Chairman

Tracey Golden, Chairman, and Nick Jackson, Vice Chairman, welcomed everyone to the

meeting and provided a brief update on activities that had transpired since the last Board

meeting.

Ms. Golden presented the minutes of the January 2021 Association Board of Directors

meeting for approval. Upon a motion duly made and seconded, the Board approved the

minutes. Meeting minutes were authorized for placement on the Association’s website.

Ms. Golden called on Amal Ratnayake, Chair of the Nominations Committee, and Bill

Reeb to provide an update on the February Nominations Committee meeting. Paul Ash and Bill

Pirolli shared the 2021-2022 Board Committee assignments.

Report from the CEO

Barry Melancon, President & CEO, updated the Board on Association finances and KPIs

from 2020, as well as progress made so far in 2021 on DAS, RAVE, and conferences. He shared

information regarding the status of offices reopening, committee travel, upcoming governance

meetings, and an update on China strategy. Additionally, he asked Andrew Harding and Tom

Hood to discuss current challenges and status updates from the various regions. Mr. Hood also

provided an update on activities related to the Business Learning Institute (BLI).

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Mr. Melancon shared an overview of professional institutes and Mutual Recognition

Agreements (MRAs) with CIMA and CPA Canada.

Scenario Planning: Managing COVID-19 Risk to the Profession

Sue Coffey, CEO-Public Accounting, and Andrew Harding, CEO-Management Accounting,

discussed COVID-19 related risks to the profession and the Association and plans to manage and

mitigate the risks.

Accelerating Management Accounting in the Americas

Tom Hood, EVP - Business Growth & Engagement, and Ash Noah, VP - Managing

Director - MA Learning, Education & Development, discussed changing needs for Management

Accounting competencies, noting the CGMA qualification is incorporating data analytics to

address the shift in data literacy and competency.

Mr. Hood and Mr. Noah shared the MA Americas Strategic Plan, which includes growing

the number of professionally qualified finance and accounting professionals, expanding the

Association’s reach to non-CPAs in corporate finance and accounting teams, as well as retaining

current Management Accounting members.

Governance Task Force Report

Ms. Golden, Mr. Jackson, and Lawson Carmichael, Chief Membership & Operating

Officer, updated the Board on recent Governance Task Force meetings.

After discussion, Ms. Golden asked the Board for approval to move forward with sharing

the recommendations from the Governance Task Force Report with AICPA and CIMA Councils.

Upon a motion duly made and seconded, the Board approved presenting the recommendations

to AICPA and CIMA Councils for their respective approval.

* * * *

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The meeting concluded at 11:42am ET on Wednesday, April 21, 2021 and resumed on

Thursday, April 23, 2021 at 9:10am ET.

* * * *

Report from the Audit & Finance Committee

Doug Roosa, Chair of the Audit and Finance Committee, and Scott Spiegel, CFO,

provided an update on the recent Audit and Finance Committee meeting and presented the

integrated report and combined audited financial statements of the Association and related

organizations. Mr. Roosa explained that the Committee met prior to the Board meeting and

approved the integrated report and combined audited financial statements, reappointed

independent auditors Saffery and CohnReznick, received an update on various Association

activities RAVE, and that the Committee recently approved the separate audited financial

statements of several related entities.

After discussion, Mr. Roosa submitted a motion to the Board, on behalf of the

Committee, to approve the integrated report and financial statements ending December 31,

2020. After a motion duly made and seconded, the Financial Statements were approved as

presented.

Regional Advisory Panels Insight and Input

Paul Ash, Deputy President – CIMA, updated the Board on the recent Vice Chair

Regional Advisory Panel meeting and the plan for the coming year. Mr. Ash shared three

questions discussed regarding mobility of the profession, bringing the profession together, and

volatility in changing markets, as well as key themes discussed during the meeting.

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The Current Legislative and Regulatory Landscape

Mark Peterson and Marta Zaniewski, Vice President - State Regulatory & Legislative

Affairs, provided an update on audit reform in the UK the Advocacy team’s work on the issue.

They also discussed audit reform in the EU and the U.S. audit environment. Ms. Zaniewski

discussed the U.S. occupational licensing issues noting that COVID-19 exacerbated the urgency

to reform the licensing in the U.S.

Remarks from Outgoing Board Members

Board members concluding their service reflected on their time and service on the

Board, sharing sentiments of appreciation for the opportunity to serve as a Board member.

Closing Remarks by the Chair and CEO

Ms. Golden and Mr. Jackson thanked Board members for their service over the years.

Mr. Jackson thanked Amal Ratnayake for his service as CIMA President and Association Chair, as

well as his leadership and support. Mr. Ratnayake thanked the Board for its service and looks

forward to what the incoming Board will accomplish. Ms. Golden thanked Bill Reeb for his

service as AICPA Chair and Association Vice Chair, for his leadership as the first Chair to lead a

virtual AICPA Council meeting, and the work put in to advance the profession. Mr. Reeb

thanked Board members and staff for all their hard work and help throughout his tenure.

Mr. Melancon thanked Ms. Golden and Mr. Jackson for their efforts in serving during a

difficult year and their virtual service, and thanked Board members rotating off the Board for

their service and contributions during their time on the Board. He thanked the members,

guests, and staff for their contributions to the effectiveness of the Board meeting.

* * * *

There being no further business, the meeting adjourned at 12:10pm ET on Thursday, April

23, 2021.

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American Institute of CPAs/Public Accounting Board of Directors

Public Accounting Professional Unit and AICPA Board of Directors

Minutes of Meeting: Thursday, April 22, 2021

Contents (by Topic)

Attendance ....................................................................................................................................................................................... 2

Chair's Report ................................................................................................................................................................................... 3

Our Progess in Enhancing Audit Quality ........................................................................................................................................... 3

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Public Accounting Professional Unit and AICPA Board of Directors


A meeting of the Public Accounting Professional Unit Board of Directors was held on

Thursday, April 22, 2021 via conference call. A quorum was declared, and the meeting convened

at 8am ET.

Attendance


Sheila Balzer Mark Begich Bruce Behn Mary Grace Davenport Rick Dreher Joe Falbo Tracey Golden Melanie Kanaka

Carla McCall Barry Melancon Randy Myeroff Anne Northup Joel Olbricht Dominic Ortiz Bill Pirolli Okorie Ramsey

Also present:

Michael Buddendeck, General Counsel

Sue Coffey, CEO - Public Accounting

Jamie Geary McNair, Manager – Governance

Sarah Gentry-Kanashiro, Associate Manager – Governance

Janice Maiman, Executive Vice President – Content & Corporate Communications

Carl Mayes, Associate Director - CPA Quality & Evolution

Mark Peterson, Executive Vice President – Advocacy

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Chair’s Report

Tracey Golden, Chair, opened the meeting with a review of the Senior Committees and

Board Liaison assignments. Bill Pirolli, Vice Chair, thanked the team for their hard work in

putting the appointments meeting together.

Ms. Golden reviewed the evaluation results from Spring Council and called on Mike

Buddendeck, General Counsel, the Secretary’s Report. Upon a motion duly made and

seconded, the Board approved the Secretary’s Report.

Mark Peterson, Executive Vice President – Advocacy, updated the Board on current

advocacy and U.S. tax relief efforts. Ms. Golden concluded with a question and answer period.

Our Progress in Enhancing Audit Quality

Carl Mayes, Associate Director - CPA Quality & Evolution, discussed updates to the

quality of peer review from the Enhancing Audit Quality (EAQ) initiative, noting 95% of peer

reviewers have seen improvement since EAQ began. Mr. Mayes shared the EAQ areas of focus

for 2021.

* * * *

There being no further business, the meeting adjourned at 9:02am on Thursday, April 22,

2021.

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Management Accounting Professional Unit Board of Directors


Contents (by Topic)

Attendance .................................................................................................................................................... 2

Report from the Chair of the Management Accounting Board and President CIMA ................................... 3

CEO Report ................................................................................................................................................ ....3


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Management Accounting Professional Unit Board of Directors

Minutes of Meeting: Thursday, April, 22 2021

A meeting of the Management Accounting Professional Unit Board of Directors was held

on Thursday, April 22, 2021 via conference call. The meeting convened at 8 am ET and a quorum

was declared.

Attendance


Paul Ash Kasia Ciezkowska Louise Connaughton Sarah Ghosh Andrew Harding Nick Jackson Shirley Liu Anoop Mehta Trisha Nomura RJ Phillips Amy Radin Amal Ratnayake Bill Reeb Doug Roosa Asif Sadiq Also present:

Janet Adeyemi, Manager - Governance

Lawson Carmichael, Chief Membership and Operating Officer

Yasmine El-Ramly, Director - Governance

Jamie Finnegan, Vice Chair – UK Regional Advisory Panel

Tom Hood, Executive Vice President - Business Engagement & Growth

Geoffrey Jjuko, Chair – Africa Regional Advisory Panel

Scott Spiegel, Chief Financial Officer

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Irene Teng, Executive Vice President - Global Markets

Mel Thomas, Senior Manager - Governance

Report from the Chair of the Management Accounting Board and

President of CIMA

Nick Jackson, Chair of the Management Accounting (MA) Board, welcomed all of the

Board members and staff members. Mr. Jackson also recognized two guest attendees - Geoffrey

Jjuko, Chair of Africa Regional Advisory Panel, and Jamie Finnegan, Vice Chair of UK Regional

Advisory Panel. Mr. Jackson highlighted some of the key topics discussed the day before and

stressed the importance of working together as one profession to achieve success.

Mr. Jackson provided a brief update on activities that had transpired since the last MA

Board meeting. No matters were arising.

CEO Report

Andrew Harding, Chief Executive – Management Accounting, presented the Management

Accounting Professional Unit CEO Report. High-level overviews were provided on management

accounting developments, including CGMA Finance Leadership Program (FLP) market segments

trends, examination delivery, Financial Reporting Council changes and global advocacy

opportunities. He shared an update on current political developments and their impact on the

profession, noting the various impacts of Brexit activities on the profession. Mr. Harding

concluded with a question and answer period.

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There being no further business. Mr. Jackson declared the meeting closed, and the

meeting adjourned at 8:57am ET on Thursday, April 22, 2021.

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