Board Questions to AICPA

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January 2018 marked the end of the first year of the joint operation of the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants under the umbrella of the Association of International Certified Professional Accountants and that relationship has raised questions for State Boards of Accountancy. At the NASBA Board’s January meeting, a summary report of the questions gathered from 43 State Boards by NASBA’s Reorganization Impact Task Force was presented by Task Force Chair John Dailey (NJ). Since the Board’s meeting, NASBA staff members have presented the questions to the Institute and have been advised that responses are being researched and developed.

The Boards raised questions about legal and contractual compliance with the new entity as well as public confusion arising from the joint venture’s structure and functions.

Virtually all of the State Boards’ acts and rules reference AICPA standards, as well as mandating programs and courses owned by the Institute; consequently, if ownership of any of those things have shifted to the Association there are concerns for the states, the Task Force concluded.

President and CEO Ken Bishop said responses from the Institute will be used to prepare for the discussions at the June Regional Meetings