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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.

AICPA Provides Help With Troublesome GAO Rules

A Web site notice from the American Institute of CPAs (AICPA) on February 8, 2002 cautioned members about the auditor independence rules recently released by the General Accounting Office (GAO). The notice said the GAO’s rules impose tighter restrictions on nonaudit services than the current AICPA’s audit standards.
Education & Careers

Financial Planners Tackle Global Standards

Financial planning practices have developed rapidly in recent years in the U.S. and around the world. The AICPA has already established an accreditation designation for CPAs who specialize in personal financial planning (PFP). Now, an effort is underway to set global standards.
Community News

Time is Right For More Creativity in Accounting PR

Marketing gurus see a silver lining in the cloud of controversy surrounding the accounting profession. To them, the battle to restore confidence in the profession presents an intriguing challenge and a lucrative business opportunity. Describing the Enron fallout as “Arthur Andersen's Radioactivity Problem,” an article published this week by Business 2.0 says the time is right for creative efforts to help differentiate the Big Five firms.

AICPA Reverses Stance, Won't Oppose Independence Reforms

In a stunning about-face on January 31, 2002, the president of the American Institute of CPAs (AICPA) announced his organization’s support for reforms of auditor independence that would bar accounting firms from doing certain kinds of consulting for their audit clients.

CPAs Face New CPE Rules Starting In 2002

A three-year initiative to transform the rules for continuing professional education (CPE) has culminated in the release of a new standard by the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA).

Public Oversight Board Agrees To Close Its Doors

On January 20, 2002, the Public Oversight Board (POB), the independent body that oversees the self-regulatory function for auditors of companies registered with the Securities & Exchange Commission (SEC), passed a resolution stating its intent to close its doors no later than March 31, 2002. Precipitated by remarks made just days earlier by SEC Chairman Harvey Pitt, the resolution removes any uncertainty about the Board's future.

Anti-XYZ Voters: Modern Day Luddites?

By Ronald J. Baker, Daniel D. Morris and Justin H. Barnett - Founders, VeraSage Institute. The following opinion piece is a follow up to the authors' article "We Are Cognitors" published on AccountingWEB in August 2001.

Levitt Warns of New Accounting Regulation, Investor Caution

Recent allegations about potential fraud, cover ups, document shredding and criminal investigations in the Enron scandal have once again given former SEC Chairman Arthur Levitt a platform to speak out against the status quo in the accounting profession.Responding to Andersen's disclosure last week about destroying documents, Mr. Levitt told the Wall Street Journal that it is time for outside auditors to accept tough oversight through a new government-sponsored self-regulatory organization.Mr.

Andersen Admits Destroying Enron Documents

In a startling announcement to the Securities and Exchange Commission and the Department of Justice late Thursday afternoon, Big Five firm Andersen admitted that members of the firm destroyed perhaps thousands of documents relating to the firm's audit of failed energy giant Enron.The firm indicated the documents were destroyed according to firm policy requiring "destruction of certain types of documents in certain circumstances." Andersen has suspended it

Contribute Your Expertise to The New CPA Exam

In conjunction with the conversion to a computerized Uniform CPA Examination, the American Institute of Certified Public Accountants (AICPA) is looking for volunteers who can help with writing and/or reviewing portions of the exam.The computerized exam will include simulations of case-based situations that will aid in assessing a CPA candidate's knowledge, skills, and readiness to practice accounting.Volunteers are needed both as writers of these simulations and as reviewers of the written

Global Business Credential Proposal Defeated

In a conference call on January 3, AICPA President Barry Melancon and Chairman James Castellano announced that the AICPA membership has defeated the proposal to go forward with a proposed Global Credential.The proposal was soundly defeated by a vote of 83,890 (62.7%) opposed and 50,034 (37.3%) in favor. The total of 133,924 votes that were cast represents about 39% of the membership."We believe we took the right course by putting this proposal into the hands of the members." said Mr. Melancon.

Comments Released on Computerization of CPA Exam

Last March, the American Institute of Certified Public Accountants' and the National Association of State Boards of Accounting's joint Computerization Implementation Committee (CIC) issued its paper on computerizing the national Unified CPA Examination. Comments were requested on the paper, and those comments have now been made public.Comments were received from 227 interested parties; 56 of the 227 were from members and executive directors of state accountancy boards.Key responses include:88% of respondents support the value proposition for revising the CPA exam.

Countdown to Proposed Global Credential

On Thursday, January 3, 2002, at 10:00 a.m. EST, the American Institute of CPAs (AICPA) will conduct a telephone media briefing announcing the results of the membership ballot on the proposed global business credential, Strategic Business Professional (IISBP).

XYZTalk Distributes Global Credential Opposition View

The Internet site XYZTalk.com, having been provided with access to the AICPA membership mailing list, has dispatched its position letter on the proposed global business credential, the Strategic Business Professional (IISBP).This is the text of that letter:Fellow AICPA Member and Fellow Trustworthy CPA: Please, if you care at all about your profession, about your future, about your career, about the future careers of Certified Public Accountants, I beg you to keep reading this email. I have kept it short and sweet and provided links for more information.

Washington Post Articles Take Aim at Accountants

The Washington Post has begun a series of articles that place the accounting profession under a microscope.

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