Academic journal article Journal of Accountancy

AICPA and NASBA Discuss Regulation

Academic journal article Journal of Accountancy

AICPA and NASBA Discuss Regulation

Article excerpt

A 12-member joint committee of the American Institute of CPAs and the National Association of State Boards of Accountancy has begun holding meetings to discuss the regulatory structure of the profession. The next is scheduled for July 16.

The early meetings focused on defining the problems in a rapidly changing environment for CPAs: How should interstate reciprocity be addressed? Who should--or can-- govern a CPA's use of the Internet in effectively running a practice across state lines.; Many of these issues were addressed by AICPA board of directors vice-chair Robert Mednick in his article "Licensure and Regulation of the Profession: A Time for Change" (JofA, Mar. 96, page 33) and 'by members who responded (see Letters. JofA, Jun.96, page 13). Solutions will form the agendas for later meeting.

Committee member Kathy G. Eddy, who sits on the AICPA board of directors, explained that part of' the purpose at the first meeting, which was held in April, was to let NASBA know how the special committee on regulation and structure of the profession was progressing. "I thought everything the AICPA advanced was well received by NASBA participants, even when they disagreed. It was a very positive meeting."

States' perceptions

NASBA chair Ronnie Rudd and David Costello, NASBA president, also expressed optimism and agreed that defining the problems was the first step: "We want to find solutions that fit real problems instead of starting with solutions and looking for problems," said Costello, who emphasized this was "not an adversarial situation." Added Rudd, "From NASBA's perspective, we're optimistic that we can resolve some of these issues, such as reciprocity and the regulation of the electronic practice of accounting. …

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