Magazine article The CPA Journal

Recommended Changes to the UAA

Magazine article The CPA Journal

Recommended Changes to the UAA

Article excerpt

The third edition of the Uniform Accountancy Act, as developed bv the AICPA and the National Association of State Boards of Accountancy (NASBA), sets forth the services that only licensed CPAs (and in some jurisdictions) public accountants can provide. It basically covers services as set forth in Statements on Auditing Standards (SAS) and Statements of Standards for Accounting and Review Services (SSARS). The UAA does not restrict unlicensed persons from preparing, issuing, or submitting financial statements that do not purport to be covered by those standards. In fact, it proposes safe-harbor language for unlicensed individuals when so doing.

The AICPA and NASBA recently announced a recommendation to change the UAA in order to clarify its effect on unlicensed individuals and improve the safe-harbor language. The recommendation resulted from meetings with representatives of the National Society of Accountants (NSA) and the National Association of Enrolled Agents (NAEA).

The UAA would be changed to positively state that nonlicensees are not restricted from preparing financial statements and issuing reports thereon that do not purport to be in compliance with SSARS. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.