PCAOB, AICPA Meet to Discuss Transitioning Standards

A sixty-year old copyright on professional standards owned by the American Institute of CPAs was the subject of discussion this week in Washington, as the AICPA sat down with the Public Company Accounting Oversight Board to determine how to transition the standard setting responsibility.

Last month the PCAOB agreed to temporarily adopt AICPA auditing standards until they have time to develop their own. At issue is the question of whether royalty payments should be due to the AICPA as the copyright owner of those standards.

The AICPA had been the body responsible for standard setting for the profession for more than six decades, but that responsibility was stripped from the organization following the recent accounting scandals that have emerged over the past eighteen months.

AICPA spokesperson Linda Dunbar told The Washington Post that the copyrighted materials bring significant revenue into the Institute, and the practice of copyrighting professional standards is common among professional associations like the AICPA. "The meeting was really in the spirit of cooperating and brainstorming," Dunbar added.

Talks are expected to continue on this and other issues as the two organizations further define their ongoing roles in the oversight and advocacy of the accounting profession.

You may like these other stories...

Although decreasing, the number of audit deficiencies attributed to fair value measurement and impairment engagements continues to be significant, according to the results of a new survey from Atlanta-based CPA firm Acuitas...
The Public Company Accounting Oversight Board (PCAOB) on Monday reminded auditors that they should continue adhering to the board’s existing standards when considering an organization’s ability to operate as a...
Public Company Accounting Oversight Board (PCAOB) inspectors are finding “significant audit deficiencies” in the area of revenue, the US audit watchdog stated in a staff audit practice alert issued on Tuesday.The...

Already a member? log in here.

Upcoming CPE Webinars

Oct 22This webinar will include discussions of important issues in AU-C 800, Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.
Oct 30Many Excel users have a love-hate relationship with workbook links.
Nov 5Join CPA thought leader and peer reviewer Rob Cameron and learn ways to improve the outcome of your peer reviews while maximizing the value of your engagement workflow.