AICPA

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).
Community News

AICPA's Melancon Named Among Worst Managers of 2002

BusinessWeek magazine released its annual Best Managers of the Year list last week for 2002 and enhanced this year's list with a complementary Worst Managers of the Year. According to the magazine's editors, the turbulence of 2002 caused the addition of the worst managers to this year's list.Included among the list of 20 worst managers of the year is Barry Melancon, chief executive of the American Institute of Certified Public Accountants. Joseph Berardino, former CEO of now defunct Arthur Andersen LLP, was named to the list of The Fallen..Mr.

AICPA Readies New Business Reporting Model

The American Institute of CPAs is gearing up to establish a new business reporting model comprising online, real-time disclosures and performance-based measurements.
Community News

AICPA Names 2002 Business Valuation Hall of Fame Winners

The American Institute of Certified Public Accountants (AICPA) has announced the co-winners of the 2002 AICPA Business Valuation Hall of Fame Award, James Alerding and Neil Beaton. The award recognizes individuals whose achievements and contributions have significantly advanced the business valuation discipline and enhanced the valuation profession for CPAs. James Alerding, CPAAlerding is a Partner and Chairman of the Valuation and Forensic Services Group at Clifton Gunderson LLP, Certified Public Accountants & Consultants in Indianapolis, Indiana.

AICPA Asks SEC to Clarify Pro Formas Are Unaudited

In its comment letter on the Securities and Exchange Commission's proposed Regulation G, the American Institute of CPAs (AICPA) asked for clarification of the auditor's role with respect to pro forma data and reconciliations."We believe," reads the letter signed by AICPA Chair William Ezzell and AICPA CEO Barry Melancon, "that many investors and readers of pro forma data are under the impression that the auditor is associated with such pro forma data and has, in some way, approved the pro forma adjustment

AICPA And ACFE Offer Free Training on Fraud Detection

The American Institute of CPAs and the Association of Certified Fraud Examiners (ACFE) have jointly developed a one-hour training course that can be used by businesses and given to clients. The course is entitled "How Fraud Hurts You and Your Organization."Through real-life case studies, the course shows how trusted employees at all levels can become tempted to commit fraud.

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