Members meet with SEC officials

Securities Regulation Committee

As a first step in establishing an ongoing relationship with the United States Securities and Exchange Commission (SEC), Mitchell J. Rabil, President Elect, and members of the AAA-CPA Multidisciplinary Practice (MDP) Task Force, L. Harold Levinson and Sydney S. Traum, visited SEC officials and discussed issues of mutual concern. Brian Carroll, Associate member of the Association and Special Counsel to the SEC, undertook responsibility for coordination of the meeting and introduced the participants at each section.

Our members were honored to be received by Commissioner Isaac C. Hunt, and also met separately with Robert Burns, Chief Counsel, and other members of the staff of the SEC's Office of the Chief Accountant as well as Deputy General Counsel, David Becker, and Assistant General Counsel, David Frederickson, of the Office of the General Counsel. Our delegation was warmly received and the SEC officials expressed great interest in the unique nature of our Association and its members.

While the primary purpose of the visit was to establish ongoing communications, the MDP issue was on the agenda for each of the three meetings as the most immediate issue of mutual concern. Therefore, after a brief discussion of the Association, which acquainted the SEC officials with our activities and purpose, the MDP issue was discussed. Professor Levinson and Sydney Traum provided insights into the AAA-CPA's historical role in dual licensure, including amicus briefs filed by the Association on that issue with the Supreme Court. Professor Levinson also presented an outline of his recent research of multidisciplinary practice issues, noting that the Association took no position in favor of or against permitting MDPs. The SEC indicated an interest in receiving copies of the product of Professor Levinson's research.

While the SEC has taken no position on multidisciplinary practice per se, the SEC has long made clear that its independence rules prohibit an auditor from certifying the financial statements of a client with which his firm also has an attorney-client relationship.

At the conclusion of each of our meetings, all SEC participants stated that they look forward to continuing communication and cooperation.

Members interested in SEC issues and participating in possible future events, including a Securities Regulation Committee to, among other things, maintain liaison with the SEC, should contact Mitchell Rabil at 856-778-3700, fax 856-778-7636, or e-mail to mjrabil@attorney-cpa.com or Co-Chairman Brian Carroll at 215-597-3933.

Copyright American Association of Attorney-Certified Public Accountants 1999
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