AICPA

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.
Community News

MAP Top Five Survey Results

AICPA Takes Stand on Sarbanes-Oxley Implementation

The American Institute of Certified Public Accountants has submitted comments to the SEC regarding the implementation of three areas of the Sarbanes-Oxley bill, including internal control, the makeup of audit committees and a code of ethics.In a press release issued this week, the AICPA states its case in the three areas:Internal Control ReportingThe AICPA has long supported a requirement that management of a public company report on the effectiveness of internal control over financial reporting.

PCAOB Meets To Reconsider AICPA's Audit Standards

The Public Company Accounting Oversight Board will hold its second closed door meeting today. A key item on the agenda is the decision of whether or not to endorse AICPA's audit standards. A motion had been made at the board's first meeting to formally adopt the AICPA's audit standards, at least on an interim basis.

AICPA Proposes Seven SASs Related to Audit Risk

The American Institute of CPAs (AICPA) released an exposure draft of seven proposed Statements on Auditing Standards (SASs) related to audit risk. The proposed standards are designed to enhance the auditor's use of the audit risk model and improve the effectiveness of audits. They are also likely to increase the overall work effort by the audit team, particularly for new engagements and when first implemented on continuing engagements.
Community News

Forbes Features AICPA Chief as 'Man with 9 Lives'

The November 25, 2002 issue of Forbes describes Barry Melancon, chief executive officer of the American Institute of CPAs, as "a lightning rod at the worst time for accountants" and explains why Mr. Melancon has survived the many lightning bolts of the past few years.The stormy weather started when Arthur Levitt was Chairman of the Securities and Exchange Commission (SEC). Forbes quotes Mr.

PCAOB Hesitates to Endorse AICPA's Audit Standards

At its first meeting on November 13, 2002, the Public Company Accounting Oversight Board (PCAOB) stopped short of temporarily endorsing audit standards issued by the American Institute of CPAs (AICPA). The meeting was chaired by William Webster, even though he has already resigned from his position as Chairman on a permanent basis.Mr. Webster suggested the board consider adopting the existing standards on an interim basis.
Tax

AICPA Issues Interpretation of Statement on Tax Services

The American Institute of Certified Public Accountants has issued an exposure draft of a proposed interpretation of Statement on Standards for Tax Services (SSTS) No.
A&A

AcSEC Relinquishes Accounting Standard-Setting Role

The American Institute of Certified Public Accountants (AICPA) announced that its Accounting Standards Executive Committee (AcSEC) will stop issuing general purpose accounting statements of position and concentrate its focus instead on industry-specific accounting and auditing guidance. The decision, which was made several weeks ago, was also announced by Financial Accounting Standards Board (FASB) Chairman Robert Herz at a conference of financial executives in New York.

AICPA Releases New Fraud Standard For Auditors

The American Institute of CPAs (AICPA) released Statement on Auditing Standards No. 99 (SAS 99) on November 1, 2002. This statement is a bold step forward for the accounting profession. It equips auditors of financial statements with specific steps they should take to detect and report possible frauds. But auditors have one more hurdle to go.

AICPA Elects New Chairman, Releases XBRL Draft

The American Institute of CPAs (AICPA) elected William F. Ezzell, as its new chairman for a one-year term, succeeding James G. Castellano. In his inaugural speech, Mr. Ezzell, a partner at Deloitte & Touche, announced that "restoration" will be the theme of his chairmanship.As examples of matters that need restoring, Mr.
Community News

AICPA Briefs CPAs on Open Issues Under Sarbanes-Oxley

The Sarbanes-Oxley Act may eventually have a major impact on the accounting profession. But most of the rules affecting practitioners are still not finalized, leaving considerable uncertainly about what might lie ahead. One of the most pivotal open questions involves the extent to which the new oversight board will promulgate its own audit standards.

AICPA Provides Glimpse of Upcoming Fraud Standard

Critics will be harder-pressed to complain about "drive-by" audits after the American Institute of CPAs (AICPA) issues its new fraud standard.
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.

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