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State Board Report

July 2014

An AICPA task force is developing a practice-monitoring concept for the future, AICPA Vice President Susan S. Coffey and AICPA Peer Review Board member G. Alan Long, who is also a member of the Kentucky State Board of Accountancy, reported to the Regional Meetings. The envisioned components of the quality enhancement program are still being worked out, but the Boards were told to expect to see a concept paper to be released in the next few months.

Ms. Coffey told the Regional Meetings, that while the peer review program has served the profession well for three decades, in early 2012 the AICPA strategic planning process identified the need for practice monitoring in the future that would “use the latest technology to enable a continuous process for evaluating accounting and auditing engagements.” They are considering what practice monitoring should look like in 2020 and it “has to be made useful to regulators, practitioners and the marketplace.”

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