AICPA Suggests Solutions for Tax Identity Theft and Tax Fraud at Senate Finance Committee Hearing Reports on Difficult T...

Newsletter:  The CPA Advocate: April, 2013. The AICPA testified before the Senate Finance Committee about tax identity theft, tax fraud and tax reform on April 16, 2013
Published on April 29, 2013

AICPAs Testimony at U.S. Senate, Committee on Finance, Hearing on Identity Theft, Tax Fraud & Tax Reform

Testimony:  The AICPA testified at a U.S. Senate, Committee on Finance, hearing on Identity Theft, Tax Fraud & Tax Reform: Moving Forward with Solutions on April 16, 2013. On behalf of the AICPA, Jeffrey Porter testified on identity theft, the tax filing season, IRS preparer registration, information...
Published on April 16, 2013

Tellabs Inc. v. Makor Issues & Rights, Ltd.

Legal Brief:  The present case concerns the pleadings standards established by the Private Securities Litigation Reform Act of 1995 (PSLRA). In the PSLRA, Congress required securities-fraud plaintiffs to plead particularized facts leading to a "strong inference" that each defendant acted, or failed to act, with the requisite "scienter" - the culpable mental state
Published on April 14, 2010

Aiding and Abetting Liability

Article:  The AICPA supports leaving the enforcement for aiding and abetting with the SEC, not outsourcing the enforcement to plaintiff’s lawyers.
Published on September 24, 2012

The CPA Advocate Newsletter

Overview:  The AICPA's advocacy e-newsletter, The CPA Advocate, is dedicated to keeping you informed about the AICPA's advocacy efforts on your behalf. Watch for it in your inbox.
Published on April 30, 2013

AHERF (Allegheny Health, Education and Research Foundation) v. PwC

Legal Brief:  The PICPA and AICPA do not have a stake in the particular dispute at issue. However, because of their extensive understanding of the accounting profession and commitment to the public interest, these organizations are deeply concerned on behalf of their members about the Court's decision in this case, particularly insofar as
Published on April 06, 2010

Extraterritorial Private Rights of Action, also known as F-Cubed Litigation

Article:  The accounting profession believes private litigants may utilize U.S. securities laws within the territorial jurisdiction of the U.S. and that the United States Supreme Court decision in Morrison v. National Australia Bank, Ltd. is the correct reading of the Securities Exchange Act of 1934.
Published on April 03, 2013

Teachers Retirement System of Louisiana vs. PwC and Marc Kirschner vs. KPMG, et al

Legal Brief:  The Appellants in both cases seek to eviscerate – if not eliminate altogether – the imputation doctrine and the related defense of in pari delicto, long available to auditors and other professionals as a vital protection against claims asserted by or on behalf of companies whose senior managers intentionally defrauded
Published on September 14, 2010

AICPA Letter Helps Persuade COSO to Postpone Release of Internal Control Framework

Newsletter:  The CPA Advocate: June, 2012. AICPA told COSO its updated framework will be valuable to practitioners, but recommended additional guidance on how to consider weaknesses or absences of a principle when evaluating internal control effectiveness.
Published on June 12, 2012

John P. Crowley v. Doris June Chait

Legal Brief:  Because of the Institute's historical role particularly in formulating standards relating to audits, reviews, and compilations, and the reports issued thereon, the AICPA has maintained a strong interest in the scope and bases of civil liability sought to be imposed upon auditors pursuant to those standards.  The Institute has no
Published on April 09, 2010

PCAOB Adopts Rule Creating Interim Program for Auditors of Broker-Dealers

Newsletter:  The PCAOB recently adopted a rule to create a temporary inspection program for auditors of broker-dealers, largely ignoring calls of lawmakers and the AICPA to require inspection only of auditors of broker-dealers who handle investor funds directly.
Published on June 30, 2011

House Financial Services Panel Looks at Dodd-Frank Whistleblowing Rules

Newsletter:  The CPA Advocate: May, 2011.  Deloitte Deputy CEO and Vice-Chairman Robert Kueppers testified at House hearing that accounting profession is cocnerned Dodd-Frank Act does not take into account SOX internal reporting requirements.
Published on September 02, 2011

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 Raises Concerns about Ideas for Potential Revisions to Single Audits

Article:  The CPA Advocate: June, 2012. The GAQC comment letter to OMB supports overall goals of potential revisions to single aud requirements but raised concerns about ideas for potential revisions.
Published on June 12, 2012

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 auditing federal programs. 
Published on March 28, 2013