AICPA

AICPA Signs Controversial Deal for CPA Exams

On May 28, 2002, the American Institute of Certified Public Accountants (AICPA), the National Association of State Boards of Accountancy (NASBA) and Prometric announced the signing of a joint agreement to deliver a computerized Uniform CPA Examination. The agreement is seen as controversial because the state boards were divided in their support for a proposal regarding the computerized exam.
Community News

Court Denies KPMG's Appeal of Charges by SEC

In a decision dated May 14, 2002, a court of appeals denied KPMG's request for a reconsideration of an independence action brought against the firm by the Securities and Exchange Commission (SEC). The court's decision to back the SEC was especially significant because KPMG's position was supported by the American Institute of CPAs (AICPA). The SEC charged that KPMG was not independent when it audited a client who purchased turnaround services from a KPMG affiliate in exchange for contingent fees.

AICPA Warns of 'De Facto Government Takeover'

Battle lines drawn in recent weeks promise a lively debate over audit reforms.
Technology

CPAs Qualify For Elite Dot-Pro Email Addresses

RegistryPro has announced that it is gearing up to operate the first professionally-restricted top level domain on the Internet by the end of 2002. The resulting group of Web sites will end in dot-pro (.pro) instead of dot-com (.com) or dot-org (.org).
Technology

Financial Reporting Ranks as Top Technology Issue

The American Institute of CPAs' top technologies list for 2002 ranks business and financial reporting at the top of the list. The topic rose from No. 3 in 2002. AICPA suspects this rise was driven by concerns raised in the wake of Enron. Wayne Harding, a member of the AICPA's Top Technologies Task Force and Information Technology Executive Committee, officially announced the 2002 rankings during a presentation at the AICPA's TECH 2002 Conference in Washington.

AICPA Issues Guide for Taking on New Audit Clients

The American Institute of CPAs (AICPA) has released a practice aid for accounting firms that conduct audits of publicly-owned companies. It expects some of these firms will be taking on increased numbers of new publicly traded clients and professional staff following the Enron collapse.

AICPA Issues Update on State Legislative Proposals

State legislative initiatives for post-Enron accounting and audit reforms are proliferating and proceeding at rates comparable to federal initiatives. California held a hearing on May 6, 2002 on a controversial amendment to the state's peer review program. In addition, several bills were introduced over the past month in Pennsylvania, including one that would alter both CPAs' and non-CPAs' responsibility for reporting wrongdoing discovered during employment.

AICPA May Ban Reports on 'Hypothetical Transactions'

Auditors may soon be prohibited from playing a controversial role in structuring transactions to achieve a desired effect on financial statements. The change would take effect under a draft of an auditing standard proposed by the AICPA's Auditing Standards Board (ASB) on April 30, 2002.

Information Technology Alliance Breaks Away From AICPA

The American Institute of CPAs (AICPA) has announced that the Information Technology Alliance (ITA) will break away and become a separate not-for-profit association on May 1, 2002. The ITA was originally established in May 2000 as an AICPA membership division.

AICPA Launches New Web Site for Students

As part of its marketing program to increase the number of students majoring in accounting, the American Institute of CPAs (AICPA) is publicizing several Web sites for students. A new Web site, StartHereGoPlaces.com, provides information for both high school and college students.
Technology

AICPA CEO Bows to Controversy Over CPA2Biz Stake

On March 29, 2002, the New York Times reported that Barry C. Melancon, president and chief executive of the American Institute of CPAs (AICPA) has agreed to donate his shares of CPA2Biz to charity. The decision came in the wake of considerable controversy over the appearance of a transaction nearly two years ago in which Mr. Melancon was given an opportunity to purchase a personal stake in the dot com that serves as AICPA's marketing and distribution arm.

State Societies Break Off Contract Talks with CPA2Biz

Contract talks have broken off between the state societies of CPAs and CPA2Biz, the official marketing and distribution arm of the American Institute of CPAs (AICPA). The state societies were trying to negotiate a contract through Shared Services LLC (SSLLC), a joint venture between AICPA and the State Society Network to design, develop and deploy a national membership database and provide other administrative support. Several members of state societies serve on an advisory board for CPA2Biz.

AICPA Roadshow Intended to Rally Membership

Leaders of the American Institute of CPAs have been traveling the country recently to inform constituents on current audit reform initiatives and to outline the position of the AICPA on behalf of the membership.After similar presentations in Los Angeles and Dallas last week, AICPA President Barry Melancon addressed an audience of professionals and students in Arkansas on how the Enron scandal has challenged the accounting profession."For virtually every [certified public accountant] in this room, it is probably the most significant event in your career," said Mr.
Tax

AICPA's New Ads - Will the Media Get the Message?

The American Institute of CPAs (ACIPA) has announced the launch of a new advertising campaign to help restore confidence in the profession. New print ads will begin to run on March 10, 2002 in the Wall Street Journal and other major newspapers. These ads will emphasize the roles of CPAs away from the headlines, engaged in the daily routine activities of auditing financial statements, providing tax services and delivering business insight.

AICPA Masses Troops to Fight Auditor Reform

The Associated Press is reporting that the American Institute of CPAs is building a lobbying campaign against Enron-related reform proposals being discussed in Washington and demanded by the private sector.According to AICPA spokesman Joel Allegretti, an e-mail was distributed to 3000 federal key persons - AICPA members who have contact and/or access to lawmakers - urging their assistance in convincing lawmakers to temper the response to requests for reforms.Former SEC Chairman Arthur Levitt, who was the AIC
Community News

Andersen Left in the Cold by Lobbying Coalition

The coalition of accountants formed of the American Institute of Certified Public Accountants, and the Big Five firms is short one firm today as the group has voted to sever ties with Andersen for the time being. The group, which typically presents a united front when lobbying for issues before Congress, has agreed to let Andersen fight its own battles for now.

AICPA Issues Proposed Standard On Fraud Detection

On February 28, 2002, the American Institute of CPAs (AICPA) released a draft of a revised audit standard on Consideration of Fraud in a Financial Statement Audit. If adopted, this updated standard will replace the current standard with the same name, (Statement on Auditing Standards No. 82).

AICPA's Accounting Portal, CPA2BIZ, Announces Merger

CPA2BIZ, the exclusive online and offline distributor of AICPA products and services, has announced its merger with Rivio, Inc., a leading provider of integrated Web-based application services for small businesses.
Community News

Ten Ideas the AICPA Can Use To Help The Profession

By Robert Epstein, President and CEO of CareerBank.com The accounting industry is beginning to reevaluate and rebuild in the aftermath of Enron's collapse, and the AICPA has an important role to play in the evolution of the profession. As the main lobbying arm and service provider for the country's CPAs, the organization should be launching a major public relations campaign to educate both their own members and the general public. An outreach campaign of such magnitude is a tall order, but the AICPA has the resources needed to get the job done.

AICPA Readies Proposed Standard on Fraud Detection

In Congressional testimony on February 14, 2002, James G. Castellano, the chairman of the American Institute of CPAs (AICPA) said the Institute plans to release a draft of a new standard by the end of February. The objective of the new standard is to help auditors detect new types of management fraud. AICPA views the standard as mission-critical to the financial reporting world of the future -- a world in which companies make real-time disclosures over the Internet, and auditors provide contemporaneous assurance the information is reliable. Mr.

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