Academic journal article Journal of Accountancy

AICPA Settles Lawsuit with Five Members

Academic journal article Journal of Accountancy

AICPA Settles Lawsuit with Five Members

Article excerpt

The American Institute of CPAs announced that it has reached an agreement to settle a lawsuit brought in 1988 by five members seeking to set aside the 1987 membership ballot that approved the Plan to Restructure Professional Standards.

Under the agreement, the five members will drop their legal challenge to the ballot. The AICPA has agreed to adopt several new ballot procedures and will join the members in establishing a fund to finance a study in business ethics. The parties agreed not to comment further about the case or its settlement.

Ballot procedures

The parties have agreed on the following:

* When more than one item is to be voted on, each item will be voted on separately.

* To ensure balloting is secret, each voting member will be instructed to place the envelope containing the marked ballot inside a return envelope, which is to be signed by that member and returned to the independent counter.

The use of an independent counter will be continued, and all ballots, envelopes and any other material received will be retained for three years from the last day on which AICPA members may submit ballots. …

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