American Institute of Certified Public Accountants (AICPA)

Website: www.aicpa.org

The AICPA represents the CPA profession nationally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the profession’s technical and ethical standards.

Recent Developments – Past 90 days



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AICPA issues third-party verification matrix
AICPA - 08/29/2014
The AICPA has developed a matrix that outlines common requests CPAs have been receiving regarding third-party verifications (often referred to as 'comfort letters'). The matrix provides related responses that may be appropriate, depending on whether or not the CPA has performed additional procedures to corroborate the information.

AICPA seeks comments on private-entity audit improvement efforts
AICPA - 08/07/2014
The AICPA released a discussion paper seeking input on its Enhancing Audit Quality initiative, a major effort to coordinate resources and further improve audits of private entities, which are defined as non-SEC registrants, including not-for-profits, employee benefit plans and governmental entities.

AICPA issues revenue recognition primer for audit committees
AICPA - 07/24/2014
The AICPA issued a new Financial Reporting Brief which provides an overview of the new FASB revenue recognition standard and highlights questions that audit committee’s should be prepared to ask management about how the new revenue recognition standard will affect the entity’s revenue recognition policies and ensure that management is prepared to adopt the standard.

AICPA releases white paper "Re-imagining Auditing in a Wired World"
AICPA - 07/08/2014
The AICPA Assurance Services Executive Committee's (ASEC) Emerging Assurance Technologies Task Force released a new white paper to offer insight into what the future reporting and auditing systems might resemble and how technology could be used to transform auditing.

AICPA issues roadmap to understanding new revenue recognition standards
AICPA - 07/08/2014
The AICPA issued a new Financial Reporting Brief that provides a roadmap to understanding the new FASB and IASB revenue recognition standards issued in May 2014. The Financial Reporting Brief reorganizes the guidance contained in FASB ASC 606, Revenue from Contracts with Customers, to follow the five step revenue recognition model along with other guidance impacted by this standard. Additionally, it highlights differences between FASB ASC 606 and IFRS 15, Revenue from Contracts with Customers, and provides reference to applicable examples in the implementation guidance.

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Proposed rules

AICPA Ethics Division issues "Omnibus Proposal of Revised Interpretations"
AICPA - 08/29/2014
The AICPA's Professional Ethics Division issued an exposure draft seeking comments on two proposals affecting members in public practice. One proposal provides for a limited exception to the "Client Affiliate" interpretation under the "Independence Rule," and the "attest client" definition in situations where a member's independence is impaired with respect to a non-client or nonattest client that acquires the member's financial statement attest client. The second proposal calls for the "Campaign Treasurer" interpretation to be applied more broadly and not be limited only to a member serving as a campaign treasurer for a mayoral candidate. [Comments due - October 29, 2014]

AICPA issues exposure draft on proposed changes to performing and reporting on peer reviews
AICPA - 08/18/2014
This Exposure Draft provides background to the proposed changes to the AICPA Standards for Performing and Reporting on Peer Reviews issued by the AICPA Peer Review Board. The proposed changes would result in preparation services performed under the Statements on Standards for Accounting and Review Services (SSARS) being excluded from both the scope of peer review and the definition of an accounting and auditing practice for the purposes of these standards. [Comments due - October 31, 2014]

PEEC seeks comments on proposed interpretation concerning a breach of an independence interpretation
AICPA - 06/16/2014
The AICPA's Professional Ethics Executive Committee (PEEC) is exposing for comment revised ET section 91, Applicability, and new Interpretation No. 101-20, “Breach of an Independence Interpretation,” under Rule 101, Independence, which is intended to provide guidance to members in public practice concerning a breach of an independence interpretation. [Comments due - September 16, 2014]

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