Academic journal article Journal of Accountancy

AICPA and NASBA Presidents Set the Record Straight on 150-Hour Education Requirement

Academic journal article Journal of Accountancy

AICPA and NASBA Presidents Set the Record Straight on 150-Hour Education Requirement

Article excerpt

Philip B. Chenok, president of the American Institute of CPAs and David A. Costello, president of the National Association of State Boards of Accountancy, sharply criticized a report by the American Legislative Exchange Council (ALEC) (a bipartisan, nonprofit public policy and educational association of state legislators) that opposes the 150-hour education requirement. This requirement is an official AICPA and NASBA position and is part of the AICPA/NASBA Uniform Accountancy Act, a model bill to regulate the practice of public accountancy in the United States.

In a letter to Samuel A. Brunelli, executive director of ALEC, Chenok and Costello said the organization "did a less-than-diligent job" researching its paper, The 150 Hour Law: Unnecessary Restriction on the Certified Public Accountant (CPA) Profession. The letter said, "As an association of state legislators who represent the public, you have a duty to get the facts straight before publishing a position paper for public dissemination."

The letter rebutted statements in the ALEC paper that the 150-hour requirement was an unnecessary burden on CPA candidates. The letter said that research in several states had shown that the average CPA candidate would need only about one semester's additional coursework to reach 150 hours, and it referred to a New York Times study that found that each year of education at any stage adds 16% to an individual's lifetime earnings. …

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