AICPA

PCAOB, AICPA Meet to Discuss Transitioning Standards

A sixty-year old copyright on professional standards owned by the American Institute of CPAs was the subject of discussion this week in Washington, as the AICPA sat down with the Public Company Accounting Oversight Board to determine how to transition the standard setting responsibility.Last month the PCAOB agreed to temporarily adopt AICPA auditing standards until they have time to develop their own.

AccountingWEB Interviews... Barry Melancon, AICPA President

Supporters and critics of AICPA President Barry Melancon agree on one thing - as the head of a profession in the midst of unparalleled change, Mr. Melancon has been in a truly unique position as a leader, and has experienced a leadership perspective not often experienced by many others.
Community News

William W. Holder Honored as Outstanding Educator

William W. Holder, a professor at the University of Southern California's (USC) Leventhal School of Accounting, was honored this week by the American Institute of Certified Public Accountants (AICPA) as the 2003 recipient of its Distinguished Achievement in Accounting Education Award.The annual award recognizes full-time college accounting educators for excellence in teaching and national prominence in the accounting profession.

AICPA Resolves to Support CITP and Other Credentials

The American Institute of Certified Public Accountants has agreed to explore possible methods for enhancing its specialty credentials, including the Accredited in Business Valuation (ABV), the Certified Information Technology Professional (CITP), and the Personal Financial Planning Specialist (PFS).Earlier this spring, when the organization announced it would evaluate the future of the credentials, it received a backlash of response from credential holders who thought their credentials were being abandoned by the AIC
A&A

CPAs Join Red Cross in Financial Planning Aspects of Disasters

The American Institute of Certified Public Accountants (AICPA), and the National Endowment for Financial Education (NEFE) announced they have jointly developed a new, broad-based guide to help people affected by natural and man-made disasters recover from financial loss. Disaster Recovery: A Guide to Financial Issues will be offered free of charge by local American Red Cross chapters across the country as a public service to aid people affected by disasters and their families.

Era of Self Regulation Comes to an End

In a public meeting held April 16, the members of the Public Company Accounting Oversight Board voted to take control of the auditing and other professional standard setting processes, effectively ending the 60+ year era of self-regulation of the profession."This is a sharp departure from what has happened before," said Charles D. Niemeier, acting chairman of the PCAOB. "It's not to say the auditing standards are in effect broken, but it doesn't mean they can't be improved," Niemeier said.

SEC Rebukes AICPA on Standards-Setting Posture

The SEC wants the AICPA - and its members - to know, in no uncertain terms, who's in charge of standard setting. Last week AccountingWEB reported that the American Institute of CPAs had issued an Exposure Draft on Internal Control Reporting in an effort to help auditors understand and implement Section 404 of the Sarbanes-Oxley Act - "Management Assessment of Internal Controls".

AICPA Issues Internal Control Reporting Exposure Draft

In an effort to help auditors understand and implement Section 404 of the Sarbanes-Oxley Act - "Management Assessment of Internal Controls" - the AICPA's Auditing Standards Board (ASB) has issued an exposure draft on Internal Control Reporting.
Education & Careers

Sneak Preview of New CPA Exam to be Offered This Weekend

This weekend, Western Michigan University will be one of the few universities in the country where current and future accountants will get a sneak preview of the new computer-based Uniform CPA Examination.More than 60 Western Michigan University accounting majors and accountants from around the state will sit Friday and Saturday, March 14-15, for the pre-test of the new computerized Uniform CPA exam. Participants may choose to take any or all of the exam's four sections.

AICPA Reviews Specialties, Reassures Credential Holders

The American Institute of Certified Public Accountants announced last week its plan to evaluate the future of the organization's specialty credentials to determine if they should be strengthened, redesigned, remain status quo, or discontinued.Accreditations being reviewed include the Accredited in Business Valuation (ABV) credential, the Certified Information Technology Professional (CITP), and the Personal Financial Planning Specialist (PFS).Credential holders received a letter from Bruce Harper, AICPA's National Accreditation Commission (NAC) chairman, who indicated the NAC plans to an

H&R Block Swaps Ad Following CPA Backlash

Last month H&R Block launched an ad campaign that angered many accountants. The ads, seen by some as disparaging to CPAs, encourage taxpayers to choose H&R Block over a CPA for the preparation of tax returns. A letter writing campaign in protest of the ads was initiated by the AICPA.
A&A

Help is on The Way For Real Estate Time-Share Reporting

Professionals dealing with real estate time sharing transactions will soon get additional reporting guidance by both the AICPA and the Financial Accounting Standards Board.The AICPA has released a Statement of Position (SOP), "Accounting for Real Estate Time-Sharing Transactions." The proposed SOP would provide guidance on a seller's accounting for real estate time-sharing transactions in financial statements prepared in conformity with generally accepted accounting principles (GAAP).
Education & Careers

Computerized CPA Exam Slated to Begin April 5, 2004

The long-awaited timetable for the launch of the new CPA exam was made available today, with the announcement that the new computerized CPA exam will be made available beginning April 5, 2004. The last opportunity to take the paper exam will be November 5 and 6, 2003. Unlike the current exam, which is only offered twice a year, the new computerized exam will be available six days a week for two out of every three months of the year, allowing more flexibility to accommodate user's schedules.
Community News

H&R Block’s TV Ads Prompt Sharp Letter From AICPA

The scope of the AICPA's role as protector of the "CPA" designation has just widened a bit to include Madison Avenue, and its portrayal of the accounting profession.

AICPA Reaps Dividend From Sarbanes-Oxley

Audit reforms still pose new frontiers, but the members of the American Institute of CPAs (AICPA) are trying to put the worst battles behind them and making an effort to put to good use their $2-per-member dividend from the Sarbanes-Oxley Act. The amount of the dividend represents the funding AICPA has in the past provided each year to the Financial Accounting Standards Board (FASB).
A&A

PCAOB Face Pay Cuts, FASB Dips Into Reserves

The federal government agreed to help out the Public Company Accounting Oversight Board (PCAOB) with emergency funding until the new fee-based system is in place. But members of the board may have to take pay cuts for awhile. The Financial Accounting Standards Board also faces funding delays and is coping by dipping into reserves.
Education & Careers

2003 CPA Exam Dates And Information

DATES & TIMESMay 7 & 8, 2003Wednesday 9:00 a.m. to 12:00 noon Business LAW and Professional Responsibilities Wednesday 1:30 p.m. to 6:00 p.m. AUDITING Thursday 8:30 a.m. to 12:00 noon ARE (Accounting & Reporting - Taxation, Managerial, and Governmental and Not-for-profit Organizations) Thursday 1:30 p.m. to 6:00 p.m. FARE (Financial Accounting & Reporting - Business Enterprises) November 5 & 6, 2003 Wednesday 9:00 a.m. to 12:00 noon Business LAW and Professional Responsibilities Wednesday 1:30 p.m. to 6:00 p.m.
Community News

AICPA Chairman Steps up to Rift in Profession

In an interview with Business Week, William Ezzell, chairman of the American Institute of CPAs, stepped up to some pointed questions about a rift in the accounting profession.Asked if there is a feeling by some CPAs that "the big firms have tarnished the whole profession," Mr.

AICPA Responds to SEC's Proposed Independence Rules

The AICPA has submitted a 60-page comment letter to the Securities and Exchange Commission in response to the auditor independence rules that the SEC proposed in November, 2002.Highlights of comments on key provisions include:Audit Partner Rotation: The AICPA supports audit partner rotation but has requested an exemption for smaller firms because of the undue hardship it would bring in trying to comply.Conflicts of Interest Resulting from Employment Relationships: The AICPA believes that there are safeguards already in place to pr

PCAOB Urged to Take Audit Standards From AICPA

As members of the new Public Company Accounting Oversight Board (PCAOB) settled into their new offices, one of the first pieces of mail they received was a letter signed by three former chief accountants of the Securities and Exchange Commission (SEC).

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