Potts v. SEC

Legal Brief:  ...for the AICPA in support of the petition of Robert D. Potts. The SEC sanctioned Potts for ""improper professional conduct"" in performing duties as a concurring reviewer during an audit of certain financial statements in 1988 and 1989
Published on April 02, 2013

Audits of Federal Funds (Single Audits)

Article:  Entities that receive federal funds including states, local governments, and not-for-profit organizations (NPOs), are subject to audit requirements commonly referred to as “single audits” under the Single Audit Act of 1984, as amended in 1996. The Single Audit Act was enacted to standardize the requirements for...
Published on March 28, 2013

Federal Legislative and Regulatory Issues

Federal Law:  This page highlights the advocacy issues in which the Congressional & Political Affairs Team is advocating on behalf of the profession, and also those issues that the team has recently followed.
Published on March 29, 2013

Arizona Society of CPAs and CPA Lawmaker Secure Auditor Rotation Victory

Newsletter:  The CPA Advocate: June, 2012. The AICPA congratulated the Arizona Society of CPAs and Arizona CPA lawmaker Senator Richard Crandall on their successful repeal of a provision passed in 2011 that would have required charter schools to change auditors every six years.
Published on June 14, 2012

Congressional Resources

Link:  The Congressional and Political Affairs team has provided useful links to congressional government agencies and AICPA centers.
Published on September 26, 2012

FASB Independence and Fair Value Accounting

Article:  The AICPA strongly and unequivocally supports independence of the U.S. and international accounting standard setting bodies, the Financial Accounting Standards Board (FASB) in Norwalk, Connecticut, and the International Accounting Standards Board (IASB) in London.
Published on April 03, 2013

Audit, Attest, and Quality Control ASB Comment Letters

Comment Letter:  ASB comment letter to other organizations.
Published on May 21, 2013

Employee Benefits Tax Advocacy

Overview:  This section contains AICPA comment letters pertaining to legislative matters in employee benefits taxation.
Published on March 14, 2013

Insurance Company Audits

Article:  ISSUE:  How the profession should respond to legislation that requires insurers to have annual audited statutory financial reports of insurance companies. BACKGROUND:   All states require domiciled insurance enterprises to submit to the state insuran
Published on March 18, 2011

Peer Review

Issue Brief:  AICPA Issue Brief on whether CPAs should be required to undergo periodic review of their accounting and auditing practices
Published on April 05, 2012

Registration and Inspection of the Auditors of Broker-Dealers

Article:  The Dodd-Frank Act provides authority to the Public Company Oversight Board to expand, by rule, its oversight and inspections to all auditors of broker-dealers or to a targeted subset of its choosing. The AICPA continues to advocate for a clear policy rationale to any changes in PCAOB regulation.
Published on May 14, 2012

AICPA Supports GASB Action to Improve Pension Accounting Standards

Newsletter:  The AICPA Advocate: August, 2012. The AICPA endorsed the GASB's June 25 vote to improve existing standards for pension accounting and financial reporting for state and local employers, as well as governmental pension plans.  The GASB released the new standards on Aug. 2, which will be effective in 2013 and
Published on August 14, 2012

House Passes AICPA-Backed Bill to Narrow Definition of Municipal Advisor

Newsletter:  The CPA Advocate: September, 2012.  CPAs who provide "customary and usual" accounting services would be excluded from the definition of "municipal advisor" under the provisions of H.R. 2827, which is strongly supported by the AICPA.
Published on September 20, 2012

AICPA Monitoring PCAOB Forums for Auditors of Smaller Broker-Dealers

Newsletter:  The CPA Advocate: August, 2012.  The AICPA continues to advocate for a final PCAOB rule requiring inspections of auditors of clearing, carrying and custodial broker-dealers because these broker-dealers directly handle investor funds.
Published on September 19, 2012

AICPA, ABA, TEI Urge More Tax Simplification Provisions for 2004

Comment Letter:  The AICPA, the American Bar Association Section of Taxation, and the Tax Executives Institute submitted this letter to the Secretary of the Treasury expressing support for simplification provisions included in the Administration's 2004 budget package.
Published on April 30, 2012