 |
 Bert Smith & Company Managing Partner Testifies on Status of Minorities in Accounting FOR IMMEDIATE RELEASE WASHINGTON, D.C. – December 3, 2007 – George S. Willie, CPA, CGFM, Managing Partner of the accounting firm of Bert Smith & Company, provided testimony today to the U.S. Treasury Department’s Advisory Committee on the Audit Profession. At the Committee’s request, Mr. Willie focused his remarks on the current status of minorities in the accounting profession, and actions that should be taken to ensure that minorities continue to be represented in the profession at levels reflecting their proportion of the U.S. population. In his testimony, Mr. Willie quantified the extent of the challenge — which is particularly noticeable in the under-representation on African Americans in the profession. To illustrate, he noted that of the 22% of accounting graduates who are minorities, 10% are Asian/Pacific Islanders, 7% African Americans and 5% Hispanics or Latinos. In general, new hires into CPA firms mirrored this composition, he continued, with 23% of new hires being members of a minority. He pointed out, however, that on closer inspection, there is an imbalance — because of the 23% of minority new hires, 12% are Asian/Pacific Islanders, 8% Hispanics or Latinos and only 3% African Americans. Mr. Willie also noted that the profession is going to require increasing numbers of qualified auditors in coming years, driven by such factors as changing market demands, client relationships and regulatory initiatives such as Sarbanes-Oxley. The accounting industry veteran also acknowledged the various efforts to address the challenge by organizations such as the American Institute of Certified Public Accountants, the National Association of Black Accountants and the Association of Latino Professional Financial Accountants. Even so, Mr. Willie observed, the well-meaning collective efforts of these organizations have produced disappointing results to date. To have real impact in addressing the situation, he urged the Committee to consider a three-pronged effort. “First, educators have to be an integral part of our recruiting efforts,” Mr. Willie recommended. “There has to be an intensified outreach program by academia to prospective accounting majors. Second, the families of minority students must promote commerce, accounting and finance as alternatives to the ministry, medicine and law as important professions. Third, and most critical, is the involvement of mature and accomplished accounting professionals, whether as community leaders, guest lecturers or participants in adopt-a-school programs.” Mr. Willie, who has served as an assistant professor of accounting at both UDC and Howard University, is heavily involved in activities and initiatives aimed at enhancing the educational options and resources available to African Americans pursuing careers in accounting. He previously chaired the Minority Initiatives Committee of the American Institute of Certified Professional Accountants, and is also former head of the Division of Firms for the National Association of Black Accountants. He has been active in professional groups working to address diversity in accounting firms and other issues. Click here to read the whole Testimony (PDF). Bert Smith & Company includes more than 70 accountants, management consultants and attorneys who serve clients in government agencies, healthcare, nonprofits, associations and education. The firm provides a full range of accounting services to commercial clients, and has provided accounting services to virtually every cabinet-level department of the U.S. Government, as well as federal government agencies and numerous cities, counties, authorities and commissions. |
   
|
|
