American Institute of Certified Public Accountants (AICPA)


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 and NASBA propose revisions to Uniform Accountancy Act and related model rules
AICPA - 11/02/2015
The AICPA and the National Association of State Boards of Accountancy (NASBA) have issued an exposure draft of Proposed Revisions to the AICPA/NASBA Uniform Accountancy Act and NASB Uniform Accountancy Act Rules. The ED proposes changes to the Uniform Accountancy Act (UAA) and the Model Rules to provide for the creation of a Retired-CPA status. Retired-CPAs would be permitted to perform certain volunteer, uncompensated services under the rules.

AICPA releases FAQs on the application of the independence rules to affiliates of employee benefit plans
AICPA - 10/06/2015
The AICPA published an updated frequently asked questions (FAQs) document to help members better understand how the definitions and guidance provided in Interpretation No. 101-18, “Application of the Independence Rules to Affiliates,” apply to affiliates of employee benefit plans subject to the Employee Retirement Income Security Act (ERISA). Interpretation No. 101-18, under Rule 101, Independence, provides guidance on which entities should be considered an affiliate of a financial statement attest client and, therefore, subject to the same independence provisions of the AICPA Code of Professional Conduct applicable to the financial statement attest client. The questions and answers in this document cover (1) plan affiliates, (2) exceptions in Interpretation, (3) difficulty in identifying affiliates of a plan, (4) affiliates definition, and (5) client affiliate interpretation. 

PEEC issues new interpretation on firm mergers & acquisitions and adopts revised definition of "affiliate"
AICPA - 09/14/2015
The AICPA's Professional Ethics Executive Committee (PEEC) has published a new interpretation titled Firm Mergers and Acquisitions to provide guidance to members in situations where independence with respect to an attest client may become impaired as a result of a firm merger or acquisition. In addition, the PEEC has adopted a revised definition of "affiliate" intended to clarify and provide guidance on how to treat multiple and multiemployer employee benefit plans under this definition. The new definition is effective on October 31, 2015.

AICPA issues white paper on the use of information technology in risk management
AICPA - 09/08/2015
The AICPA Assurance Services Executive Committee (ASEC) has released a white paper titled The Use of Information Technology in Risk Management. The white paper discusses how current trends in technology tools and risk applications can help to enhance the maturity of risk management overall.

AICPA issues Conceptual Framework toolkit for members in business
AICPA - 09/07/2015
The AICPA has issued a toolkit for members in business that can be used to guide members as they analyze relationships and circumstances that are not addressed by the AICPA Code of Professional Conduct.

AICPA issues technical Q&A on supplementary information
AICPA - 08/21/2015
The AICPA has issued a technical question and answer (Q&A) on Section 9180.01, Required Supplementary Information in Historical Prior Periods and Auditor Independence of the Entity, to provide nonauthoritative guidance to auditors when required supplementary information (RSI) accompanies financial statements subject to an audit and such RSI extends to historical prior periods (back periods) in which the auditor did not perform an engagement that required independence. The guidance states that the auditor is not required, for purposes of complying with AU-C section 730, Required Supplementary Information, to be independent of the entity in back periods as long as the auditor's opinion does not cover RSI.

AICPA issues Conceptual Framework toolkits 
AICPA - 08/17/2015
The AICPA has issued two toolkits that can be used to guide members as they analyze relationships and circumstances that are not addressed by the AICPA Code of Professional Conduct: (1) Conceptual Framework Toolkit for Members in Public Practice and (2) Conceptual Framework Toolkit for Independence. A third toolkit for members in business and industry will be available later this month.

AICPA illustrates the differences between FRF for SMEs and U.S. GAAP
AICPA - 08/11/2015
The AICPA has published a paper that contains sample financial statements based on the AICPA's Financial Reporting Framework for Small and Medium Entities (FRF for SMEs) and U.S. GAAP to illustrate the differences between the two reporting options.

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Exposure Drafts

AICPA proposes changes to trust services principles and criteria
AICPA - 06/15/2015
The AICPA’s Assurance Services Executive Committee (ASEC) issued an exposure draft of proposed amendments to TSP section 100, Trust Services Principles and Criteria for Security, Availability, Processing Integrity, Confidentiality, and Privacy. TSP section 100 presents criteria for use by practitioners when providing attestation or consulting services to evaluate controls relevant to the security, availability, or processing integrity of a system, or the confidentiality or privacy of the information processed by the system. The proposed amendments revise and update the criteria related to 'privacy.' [Comments due - August 15, 2015]

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PwC comment letters

PwC comments on the AICPA's proposed amendment to AU-C 700 
AICPA - 09/30/2015 
PwC supports requiring the PCAOB report layout and wording when referring to both PCAOB and AICPA standards.

PwC comments on proposed revision to the AICPA Trust Services Principles
AICPA - 09/16/2015 
PwC supports the proposed revisions to Trust Services Principles, and offers some recommendations for consideration.

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