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, 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.
Community News

BDO Seidman Contacts AICPA Members re Global Credential

Accounting firm BDO Seidman, 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:Subject: Please Vote NO on Proposed Global Credential To our Colleagues: We find ourselves at a critical professional crossroads.

AICPA Gives Out Member Addresses

Citing concerns of fairness and a spirit of cooperation, the AICPA has made addresses of its membership available to opposition voices regarding the ongoing vote on the organization's proposed global credential.

AICPA Issues Amendments to Independence Rules

The auditor independence quality controls sought and established last year by the Securities and Exchange Commission have resulted in an amendment to the auditor independence rules by the SEC Practice Section (SECPS) of the American Institute of Certified Public Accountants.This amendment is effective January 1, 2002. The SECPS has updated its "Independence" training course to take into account the SEC's new rules.

CPA2Biz and Phone Sex - Membership Perk?

CPAs know numbers. They know how critical numbers can be to the perception of a client's well-being.

Global Credential - additional comments

There have been hundreds of comments posted on AccountingWEB regarding the proposed Global Business Credential. Please click on any of the links below to see more. Because of the number of comments, the load time of these pages may be as long as a minute - thank you for your patience.View Comments Added From June - August, 2001

Women's CPA Group Will Not Support Global Credential

The National Board of the American Woman's Society of Certified Public Accountants (AWSCPA) was asked to comment on the upcoming vote by members of the AICPA on whether to adopt the International Institute of Strategic Business Professionals (IISBP) as a global credential.The weekend of November 2-4 the National Board met and discussed this particular issue at length. All sides of the issue were explored with particular attention given as to how this credential would affect woman CPAs.

DC and Florida CPA Societies Take Stand Against IISBP

The governing council of the American Institute of Certified Public Accountants has agreed to let its members vote on the controversial proposed global business credential, Strategic Business Professional (IISBP). Members are being asked to vote on whether or not the AICPA can amend its bylaws to read that the organization has the right to create a new organization on behalf of IISBPs.

AICPA to Host IISBP Teleconferences

The American Institute of Certified Public Accountants has announced plans to host two live teleconferences during which participants will be able to listen to an explanation of the new proposed global business credential, Strategic Business Professional (IISBP).


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