AICPA

Practice Management

Four CPAs Win 2002 AICPA Hall of Fame Awards

Ajilon Finance and the American Institute of Certified Public Accountants (AICPA) have announced the winners of the 2002 AICPA Business and Industry Hall of Fame Awards. The winners will be inducted into the Hall of Fame at the AICPA's National Industry Conference in New Orleans on October 18, 2002.This year's winners are:Don L. Blankenship, President, Chief Executive Officer and Chairman of the Board of Massey Energy Company.Vernon D.

Media Accuses Accountants of 'Shameful' Lobbying

Still struggling to regain their good name after a string of well-publicized accounting scandals, accountants around the nation were smeared with yet another round of unfavorable publicity. The media accused accountants of lobbying to gain control of appointments to the new accounting oversight board, fueling a sense of public outrage so strong the White House felt obliged to step in with an unusual offer of help and support for U.S.

President's Progress Report Omits Audit Lessons Learned

President Bush released a fact sheet showing the government's response to recent accounting scandals. It was part of an on-going effort to restore confidence in the U.S. capital markets and the economy. But this effort left market indexes at four- and six-year lows.
Education & Careers

New PMRA Affects Accountants in U.S., Canada And Mexico

Representatives of the U.S., Canada and Mexico are expected to sign a new pact today known as a Professional Mutual Recognition Agreement (PMRA). This agreement will help clear the remaining barriers to cross-border licensing of public accountants in North America.The new PMRA recognizes the substantial equivalency of the U.S.
Community News

CPA2Biz's Harding Tapped as US CEO For Acctrak 21

Wayne Harding, VP of Channel Development for the AICPA's CPA2Biz portal, has resigned to take on the role of CEO for US operations for Acctrak 21.Acctrak 21, an Australian-based developer of accounting software that competes with Microsoft Small Business Manager, recently entered the US market by giving away 50,000 copies of their software to US accounting firms.
Education & Careers

AICPA Readies Web-based Competency Assessment Tool

The American Institute of CPAs (AICPA) has developed a competency model to help guide students and CPAs through their career and continuous learning plans.
Technology

AICPA to Co-Sponsor Quarterly Webcasts for Financial Execs

The American Institute of CPAs has teamed up with CFO.com to provide two series of quarterly webcasts over the coming year on subjects of interest to financial executives. One series will be called the CFO Roundtable; the other the SEC Quarterly Update.Each SEC update will take place approximately two weeks prior to the end of the calendar quarter. The first one will be held on September 19th.

AICPA President Details Six Leadership Roles For The Institute

In a speech made to the Yale Club in New York on September 4, 2002, AICPA President Barry C. Melancon announced that the American Institute of CPAs (AICPA) is committing to fulfilling six leadership roles to help restore confidence in the accounting profession.
Community News

AICPA Names James A. O'Malley to Head Public Affairs Division

On September 9, the AICPA will have a new Senior Vice President in charge of public affairs. James A. O'Malley, a former New York advertising executive, will step in to fill the shoes of John Hunnicutt, retiring after many years of outstanding service in the position.Mr.
Community News

Dos And Don'ts For Releasing Records of Deadbeat Clients

A slow economy means slow-paying clients and increased client turnover. This can add up to tough ethical questions for accountants who prepare tax returns. One especially tough dilemma arises when a former client, who hasn't paid his bill, demands that copies of all his records be provided to his new accountant.
Technology

EY to Offer Online Tax Research Through CPA2Biz

Ernst & Young has announced it will offer its Online Tax Advisor to CPAs in other firms through CPA2Biz, the distribution arm of the American Institute of CPAs. Online Tax Advisor will give CPAs a direct connection to tax professionals in Ernst & Young's tax specialty groups. Currently, over 300 Ernst & Young tax professionals participate in the service. They represent international, mergers & acquisitions, real estate and over 20 other specialty groups.

AICPA Describes Transition to New Regulatory Framework

The American Institute of CPAs (AICPA) has e-mailed an alert to its members, advising them of its plans for transitioning to the new regulatory framework established by the Sarbanes-Oxley Act of 2002. As part of its transition plan, AICPA will:Work with the Securities and Exchange Commission (SEC) to establish an orderly transition of the activities of AICPA's SEC practice section.

AICPA Proposes Audit Standard for Interim Financial Info

The Auditing Standards Board (ASB) of the American Institute of CPAs (AICPA) has issued a proposed Statement on Auditing Standards (SAS) entitled "Interim Financial Information." The document defines interim financial information as financial information or statements covering a period of less than a full year or for a 12-month period ending on a date other than the entity's fiscal year.The main reasons for the update, which would replace the standard previously issued on the subj
Technology

AICPA Forms Panel to Improve Trust on Internet

The American Institute of CPAs (AICPA) is helping to put together a panel of industry experts to provide input to the accounting profession on how to incorporate new and improved security standards into its WebTrust program for Certification Authorities.Anthony Pugliese, AICPA's vice president of member innovation, explains that the panel is being formed to enhance standards, particularly in the areas of authentication and identification of digital certificate issuers, so users can
Community News

Congress Pledges Decision Next Week on Accounting Reform

In an abrupt about-face, Rep. Michael Oxley, the sponsor of the House bill on accounting reform, and other influential lawmakers pledged to reach a compromise agreement with the Senate bill by July 26, 2002. This landmark legislation could be the biggest milestone ever in the history of the accounting profession, and positions on the differences between the House and Senate accounting reform bills appear to be changing by the minute.
Technology

AICPA Invites Comments on SysTrust and WebTrust

On July 1, 2002, the American Institute of CPAs (AICPA) and the Canadian Institute of Chartered Accountants (CICA) issued an exposure draft (ED) outlining proposed changes in the structure, order and wording of the principles and criteria for SysTrust and WebTrust services.
Community News

AICPA Will Monitor Remaining Andersen Audits

In light of Andersen's obstruction of justice conviction last week, the American Institute of Certified Public Accountants (AICPA) has accepted Andersen's resignation from the organization's Securities and Exchange Commission practice section (SECPS) effective August 31. In addition, the AICPA will closely monitor all remaining audits of public companies through August 31.

Senate Panel Approves Bill to Tighten Audit Standards

On June 18, 2002, the Senate Banking Committee voted 17-4 to approve a bill to tighten oversight of the audits of publicly-held companies. The approval came despite a strong lobbying effort by the American Institute of CPAs (AICPA) and some of the larger accounting firms who opposed the measure. The approved bill incorporated several last-minute compromises. Full details are not yet available on the Web.

Auditing Standards Board Issues SAS95, Critics Want More

Like accounting standards, auditing standards have "grown like topsy" over the past few decades. To help practitioners come to grips with this expanding and increasingly complex body of literature, the Auditing Standards Board (ASB) of the American Institute of CPAs (AICPA) recently crafted a layered-approach to understanding generally accepted auditing standards (GAAS). But critics still aren't satisfied - some say the limits of GAAS are as hard to understand as the layers.

PCPS Celebrates Its 25th Anniversary

To those who believe that the AICPA may not be adequately representing the interests of local and regional firms in the profession, PCPS Chairman Bill Balhoff has one thing to say - PCPS' voice of over 6100 member firms is stronger and louder than any other time in PCPS' 25 year history.PCPS, AICPA's Alliance for CPA Firms, celebrated its 25th anniversary in style Tuesday evening with a gala at the Guggenheim Museum in Las Vegas, Nevada.

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