Immediacy of financial reporting and its impact on the public is dramatically changing accounting practice. But regardless of the immediacy of financial reporting or the flexibility of electronic commerce, the profession must continue to engender the public's trust. This century-old profession must build upon this history of public trust even as it moves to meet the challenges of new developments in the market. The Department will continue to support high standards of practice. We must not compromise on standards.
High standards are essential.
We should accept nothing less. The Board of Regents, the State Board for Public Accountancy and the State Education Department's commitment to the highest professional standards and to the public remains strong and steady. That commitment can only be meaningful through effective and enlightened regulation as exemplified in the provisions of our bill. Each CPA knows the value of independence. The profession is built upon it, and it is what ensures the integrity of the profession.