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
Select News Releases
AICPA Issues New Guidance Regarding Auditing Conflict Minerals Reports
AICPA - 5/6/13
The SEC adopted rules in August 2012 about the use of "conflict minerals," as mandated by the Dodd-Frank Act. The SEC final rule requires issuers who use conflict minerals—and have determined that those minerals originated in the Democratic Republic of the Congo or the surrounding areas—in their manufacturing processes and supply chain to file a "Conflict Minerals Report" with the SEC and publish it on the issuer's website. The report must be independently audited in accordance with Government Auditing Standards and can consist of either an examination attestation engagement or a performance audit. The AICPA has published a questions and answers document that describes the key similarities and differences between these two services.
AICPA issues reports on frequent violations of employee benefit plans and governmental and not-for-profit audits
AICPA - 2/28/13
The AICPA's Professional Ethics Division has compiled short reports of deficiencies frequently found in its investigations of employee benefit plan and governmental and not-for-profit engagement audits during the last two years. Most often, the reporting, disclosure, and auditing errors have occurred as a result of a lack of experience and lack of specific continuing professional education in these areas. Typically, the deficiencies could have been detected by a quality control review of the financial statements and risk areas.
AICPA issues reports on frequent violations of employee benefit plans and governmental and not-for-profit audits
AICPA - 2/28/13
The AICPA's Professional Ethics Division has compiled short reports of deficiencies frequently found in its investigations of employee benefit plan and governmental and not-for-profit engagement audits during the last two years. Most often, the reporting, disclosure, and auditing errors have occurred as a result of a lack of experience and lack of specific continuing professional education in these areas. Typically, the deficiencies could have been detected by a quality control review of the financial statements and risk areas.
Proposed rules
AICPA Professional Ethics Executive Committee (PEEC) issues exposure draft of revised AICPA Code of Professional Conduct
AICPA - 04/16/2012
The AICPA Professional Ethics Executive Committee has released for comments an exposure draft of a revised AICPA Code of Professional Conduct. The exposure draft proposes a revised AICPA Code that has been restructured into several parts that are organized by topic and edited using consistent drafting and style conventions. The restructured Code also incorporates a conceptual framework for members in public practice and in business, and revises certain Code provisions to reflect the "conceptual framework" approach. [Comments due - August 15, 2013]
PwC comment letters
PwC Comments on Proposed AICPA Financial Reporting Framework for Small- and Medium-Sized Entities
AICPA - 1/29/13
PwC fully supports efforts to enhance financial reporting for private companies, and believes that the most appropriate way to achieve meaningful change for private company stakeholders is through the collaborative efforts of the recently established Private Company Council (PCC) and the FASB. However, should the AICPA decide to issue this new non-GAAP framework, our comment letter provides observations and recommendations on changes the AIPCA should make to minimize confusion and enhance clarity.
PwC Comments on Omnibus Proposal of the AICPA Professional Ethics Division - September 19, 2012
AICPA - 12/11/12
PwC supports the PEEC's stated objective of clarifying the circumstances under which the AICPA Code of Professional Conduct applies to services provided by its members. PwC recommends that prior to adopting its proposal, the PEEC should further consider three things: (1) whether the PEEC's proposed revision to the definition of professional services will have the unintended effect of sweeping in services that have no connection with or relationship to the practice of accountancy; (2) the potential impact of eliminating "holding out" from ET Section 92 on SSCS No. 1 and subsequent SSCSs; and (3) whether the proposal, as presently designed, has any additional consequences to the profession.