If efficiency and time savings are your priorities in financial management, the team at UBT can help. We have experts in automated money management tools (like Jan), personal guides to the best banking products and services* (like Katie), retirement plan reviewers who can ensure your plan is maximized (like Stacy), and financial advisors to make your own money work for you (like Sam). The all-in-one team for your banking needs ubt.com/CPA Investment products: Not FDIC Insured—No Bank Guarantee—May Lose Value *Member FDIC Stacy Sam Jan Katie the non-attest assets of New York accounting firm Goldstein Golub Kessler & Company. “At that time, the New York State Education Department hired a consultant to study the controls put in place by the two entities to assure the independence in the attest function. The study concluded that adequate internal controls existed, and independence was not impaired by the transaction.” Dustin acknowledges, however, that the alternative practice structure model has evolved with the advent of private equity investment, and that this new era offers NASBA an opportunity to work with Boards of Accountancy and other key stakeholders to “learn from the past and collaborate on finding answers that address the concerns of regulators while acknowledging the evolution of the profession.” To that end, NASBA will be conducting a poll with Boards to gather additional information from members about their experiences with private equity. Dustin says that “following those results, the Association will be asking several NASBA Committees in the 2024-2025 committee year—Ethics, Executive Directors, Legislative Support, and Uniform Accountancy Act (UAA)—to incorporate PE concerns and potential outcomes or solutions into their work.” This article was originally published by the National Association of State Boards of Accountancy (NASBA). It has been republished with permission. The original article can be found at nasba.org/ blog/2024/09/25/getting-picked-for-pe. Footnotes 1 David Sirota, “Private Equity Is Out of Control and Looting America. This Prosecutor Says We Can Fix It,” Institute for New Economic Thinking, January 26, 2024, https://www.ineteconomics.org/perspectives/blog/private-equity-is-out-of-controland-looting-america-this-prosecutor-says-we-can-fix-it. 2 Brendan Ballou, Plunder (New York: PublicAffairs, 2023), https://www.publicaffairsbooks.com/titles/brendan-ballou/ plunder/9781541702103/. 3 Center for Popular Democracy, Pirate Equity, accessed February 14, 2025, https://www.populardemocracy.org/pirateequity. 4 Hunton Andrews Kurth LLP, “Matthew Bosher,” accessed February 14, 2025, https://www.huntonak.com/people/matthew-bosher. 5 American Institute of CPAs, “Professional Ethics Community,” accessed February 14, 2025, https://us.aicpa.org/interestareas/professionalethics/ community. 6 Private Equity Ownership and Independence, Vimeo video, 44:09, posted by NASBA, featuring Cathy Allen, accessed February 14, 2025, https://vimeo.com/984880315/ aa976a8bed. 25 nescpa.org
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