Topic1: Enterprise-Wide Privacy Solutions and the creation of the Enterprise –Wide Privacy solutions task force for CPAs and companies.
The concept of privacy is widely debated nowadays in press and mass media. Accounting profession, namely CPA is no exceptions. From the article found at http://www.aicpa.org/innovation/baas/ewp/homepage.htm i learnt that with the increased advent of information technology and the presence of numerous means of sending, storing, retrieving information of any kind, privacy is considered at risk and the theft identity that ultimately leads to financial fraud it becomes necessary for both the companies and the CPA firms to find the ways to protect it.
The concept of privacy discussed in the article states that over ½ of all customers who took part in questionnaire said that they would engage in more business activity with companies known for their solid privacy practices. Another thing worth noting is that over 83% of respondents said that they would not continue doing business with companies that misuse the private information.
According to the article the
“The misuse of customer information can potentially result in damage to an organization’s reputation, brand and business relationships, charges of deceptive business practices, legal liability and industry or regulatory sanctions, customer, employee and stockholder distrust, reduced revenue, market share and shareholder value and refusal by customers to use their personal information for business purposes”( http://www.aicpa.org/innovation/baas/ewp/homepage.htm)
AICPA on the other hand together with Canadian Institute of chartered accountants composed a special task force named “enterprice-wide privacy task force” to assure that CPA professionals adhere to privacy requirements and that CPAs and companies are educated about the benefits of privacy.
And even though, privacy might potentially not allow the authorities to catch criminals or terrorists, it is still advisable to benefit the greatest number of people for their unalienable right to privacy although at some potential costs which the criminals not caught because of the privacy requirements pose for the society.