The Center for Audit Quality (CAQ), an affiliate of the AICPA, has released the second in a series of video vignettes in the form of film noir-style cartoons, aimed at demystifying the system of investor protection, including the financial statement audit.
To gain the benefit of the full back-story, I recommend watching the videos in the order in which they were released:
***I looked to see if Lotta Charts, the CFO, is in our member database, she is not currently a member of FEI. If you’re reading this, Lotta, take advantage of FEI’s current membership promotion, (current promotion run through 2/29/12), to gain the benefits of FEI membership, including networking and educational opportunities within our chapters, committees, communities and events, and to receive free registration at our Summit Leadership Conference being held at Disney’s Contemporary Resort May 20-22, 2012. FEI’s Summit Conference will feature a keynote discussion by two veteran political strategists, Donna Brazile and Mary Matalin; additional featured speakers include Joe Echevarria, CEO of Deloitte LLP, Joseph Quinlan Managing Director and Chief Market Strategist of Bank of America Private Client Wealth Management, and Janet E. Petro, Deputy Director, John F. Kennedy Space Center. Breakout sessions are offered along three tracks: Corporate Finance Strategies, Leadership & Executive Development, and Finance & Information Technology.
- Ledger Lines, the External Auditor
- Indy Pendent, the Audit Committee Chairman
- Lotta Charts, the Chief Financial Officer ***
- Ida Figures, the Internal Auditor, and
- Johnny Law, the Regulator. (that name has the ring of a WWE wrestler, doesn’t it?)
Videos As A Vehicle for Expression
Both videos in CAQ’s System of Investor Protection Series, and additional resources, can be found on a boutique website set up by CAQ for this purpose: www.caqforinvestors.org.
I have also seen a couple of comments about the CAQ videos on an academic listserve (the AECM listserv, a
very interesting source of commentary on current topics, now administered via the AAA) in which a couple of professors appeared to question if the style, content, humor, etc. in the CAQ cartoon/films was too ‘dumbed down’ – NOTE: they did not use that term, but that seemed to be the jist of the question - for college students and professionals.
“We know that many investors and members of the public have limited knowledge about how their interests are safeguarded,” CAQ Executive Director Cindy Fornelli explained. “This video, and the others to follow, will entertain viewers while informing them about the distinct yet interrelated roles making up our system of investor protection, and hopefully narrow the expectation and information gap.”
I found the CAQ’s “System of Investor Protection” videos entertaining (of course, we at the FEI blog are big fans of videos in general; if you haven’t already seen it, check out our music video on complexity in financial reporting, “Hey There Bob Pozen.” You can also check out our initial foray into music videos, produced by the Maryland Association of CPAs on CPA Island in the virtual world of Second Life, see the related post by MACPA's Executive Director, Tom Hood earlier this week in MACPA's CPA Success blog.)