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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CAQ publishes highlights from May 2014 International Practices Task Force joint meeting with SEC staf
AICPA - 10/7/2014
The AICPA's Center for Audit Quality (CAQ) has published the highlights from the May 21, 2014, International Practices Task Force (IPTF) joint meeting with the SEC staff. Topics discussed at the meeting included: (1) Venezuela currency issues, (2) monitoring inflation in certain countries, (3) status update of the staff’s study of the disclosure requirements in Regulation S-K as mandated by the JOBS Act, (4) processing 12-month audit waiver requests directly through Corp Fin (versus EDGAR or by transmittal letter), and (5) issues relating to Form 20-F, Item 7b.

AICPA issues technical Q&As on accounting for employer benefit plans
AICPA - 9/30/2014
The AICPA has published a set of technical questions and answers (Q&As) to provide nonauthoritative guidance about the effects of Accounting Standards Update No. 2013-07, Presentation of Financial Statements—Liquidation Basis of Accounting, on the accounting for primarily single-employer defined benefit pension and defined contribution retirement plans.

AICPA issues technical Q&As on accounting on management representations
AICPA - 9/30/2014
The AICPA has published a technical Q&A that provides nonauthoritative guidance on the circumstances under which the auditor must obtain written representations from management when prior period financials were audited by a predecessor auditor.

AICPA issues technical Q&As on accounting for employer benefit plans
AICPA - 09/26/2014
The AICPA has published a set technical questions and answers (Q&As) to provide nonauthoritative guidance about the effects of Accounting Standards Update No. 2013-07, Presentation of Financial Statements—Liquidation Basis of Accounting, on the accounting for primarily single-employer defined benefit pension and defined contribution retirement plans.

AICPA issues technical Q&As on accounting for management representations
AICPA - 09/26/2014
The AICPA published TIS Section 8900.11, Management Representations Regarding Prior Periods Presented That Were Audited by Predecessor Auditor, to provide nonauthoritative guidance on the circumstances under which the auditor must obtain written representations from management when prior period financials were audited by a predecessor auditor.

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.

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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]

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