AICPA Opposes PCAOBs Mandatory Audit Firm Rotation Proposal
The AICPA recently told the Public Company Accounting Oversight Board its Concept Release on Auditor Independence and Audit Firm Rotation, which would require mandatory audit firm rotation, is not likely to achieve the goals the PCAOB intends
Published on January 09, 2012
Commscope Credit Union v. Butler & Burke, LLP v. Barry D. Graham et al.,
The Court of Appeals’ decision demonstrates a significant misunderstanding of auditor independence—an essential component of an auditor’s responsibilities. Holding that an auditor may owe a fiduciary duty to an audit client conflicts with North Carolina and federal law, as...
Published on April 06, 2015
Legislation Prohibiting Mandatory Audit Firm Rotation Introduced in U.S. House of Representatives
The CPA Advocate: April, 2013. H.R. 1564, introduced by Representative Robert Hurt, a Republican from Virginia, would block the PCAOB from requiring public companies to use specific auditors or require the use of different auditors on a rotating basis
Published on April 30, 2013
North Carolina Supreme Court Agrees to Hear Case Involving Auditors Fiduciary Duties to Clients
The CPA Advocate: April, 2015. The North Carolina Association of CPAs, AICPA and Center for Audit Quality have jointly filed an amicus brief urging the state’s Supreme Court to reverse an appellate court decision.
Published on April 23, 2015
Amicus Brief Seeks Reversal of Ruling that Could Impair Availability of Audits in North Carolina
The CPA Advocate: January, 2015. The amicus brief filed by the North Carolina Association of CPAs and the AICPA urges the Supreme Court of North Carolina to hear the case and reverse an appellate court decision that holds North Carolina accounting firms owe a fiduciary duty to their independent audit
Published on January 28, 2015
AICPA Monitoring PCAOB Forums for Auditors of Smaller Broker-Dealers
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 20, 2012
Federal Legislative and Regulatory Issues
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 20, 2015
House Passes Legislation Banning Auditor Rotation Mandate
The CPA Advocate. July, 2013. The AICPA-endorsed the bill reflects the overwhelming consensus on mandatory rotation in the United States, the AICPA stated in a letter to all members of the House of Representatives.
Published on July 18, 2013