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

Select News Releases

CAQ issues Member Alert on cybersecurity and the external audit
AICPA - 03/24/2014
The Center for Audit Quality (CAQ) published a Member Alert intended to summarize the responsibilities of the independent external auditor with respect to cybersecurity matters.

AICPA issues new Q&As on conflict minerals reports
AICPA - 03/21/2014
The AICPA Conflict Minerals Task Force has published three new questions and answers that illustrate examples of practitioner's reports. The new Q&As (Q&As .10–.12) have been developed to provide nonauthoritative guidance to address reporting directly on the subject matter or on management's assertion for each of the two audit objectives, the form of the practitioner's report and communicating findings required to be communicated by Generally Accepted Government Auditing Standards (GAGAS) in an independent private-sector audit of a conflict minerals report.

AICPA issues new technical Q&As related to PCC accounting alternatives
AICPA - 03/20/2014
The AICPA has published technical questions and answers (Q&As) to provide nonauthoritative guidance regarding the application of FASB Accounting Standards Update (ASU) Nos. 2014-02 and 2014-03 that allow for some accounting alternatives for private entities that are not classified as public business entities. The Q&As address how the application of these ASUs might affect a compilation, review or audit engagement and related reports.

AICPA issues best practices for governmental cost-sharing pensions and participating employers
AICPA - 02/27/2014
The AICPA's State and Local Government Expert Panel (SLGEP) released two whitepapers that include critical information for successful implementation of the new Governmental Accounting Standards Board pension standards for cost-sharing multiple-employer plans and the employers that participate in those plans. Governmental Audit Quality Center (GAQC) Alert No. 244 describes in detail additional resources, including several related auditing interpretations, that are being developed by the SLGEP.

CAQ publishes highlights of November 2013 International Practices Task Force joint meeting with SEC staff
AICPA - 02/24/2014
The AICPA's Center for Audit Quality (CAQ) has published the highlights from the November 19, 2013, International Practices Task Force (IPTF) joint meeting with the SEC staff. Topics discussed at the meeting include: (1) financial reporting requirements when a Foreign Private Issuer changes its basis of accounting from IFRS to US GAAP, (2) Non-GAAP measures for mining companies—including by-product credits within the determination of “cash cost," (3) monitoring Inflation in Certain Countries, (4) adoption of IFRS 11 Joint Arrangements, and Application of Regulation S-X, Rule 3-09, and (5) satisfying the Registration Statement Requirements for Restated Financial Statements with IFRS-IASB financial information.

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Proposed rules

ARSC proposes a framework for performing and reporting on compilation and review engagements
AICPA - 11/26/2013
The AICPA Accounting and Review Services Committee (ARSC) has issued a proposed Statement on Standards for Accounting and Review Services (SSARS) titled Framework for Performing and Reporting on Compilation and Review Engagements, resulting from its clarity project. The proposed SSARS provides a framework for performing and reporting on compilation and review engagements and sets forth the meaning of certain terms used in SSARSs when describing the professional requirements imposed on accountants performing compilation and review engagements. [Comments due - May 2, 2014]

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