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AICPA sets generally accepted professional and technical standards for CPAs in multiple areas. Until the 1970s, the AICPA held a virtual monopoly in this field. In the 1970s, however, it transferred its responsibility for setting generally accepted accounting principles (GAAP) to the newly formed Financial Accounting Standards Board (FASB).
In the United States, the standards are promulgated by the Auditing Standards Board, a division of the American Institute of Certified Public Accountants (AICPA). AU [ 1 ] Section 150 states that there are ten standards: [ 2 ] three general standards, three fieldwork standards, and four reporting standards.
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
The conceptual framework provides two functions: to state the objectives of financial reporting and provide definitions of financial statement elements. The conceptual framework creates a foundation for financial accounting and establishes consistent standards that highlight the nature, function, and limitations of financial reporting. [18] [19]
The AICPA Code of Professional Conduct is a ... responsibilities to clients and colleagues and acts discreditable to the accounting profession. The AICPA is ...
Between 1976 and 2005, 77% of CPAs were either middle or upper class and nearly half of all CPA candidates belonged to an upper middle class socioeconomic background. Although AICPA membership is predominated by individuals from wealthier socioeconomic backgrounds, 20% of AICPA members were lower class between 1976 and 2005.
With the permission of the AICPA, the full text of Standards 1–101 has been posted on the website of the Digital Accounting Collection at the J.D. Williams Library of the University of Mississippi. Links to these full-text records appear in the List of Statements of Auditing Standards below.
The AICPA and NASBA mandate that exam candidates submit to a fingerprinting prior to each exam for identification purposes. According to published AICPA and NASBA reports, all fingerprints collected are immediately transmitted over the Internet to ChoicePoint/Reed Elsevier (Identico Systems) for storage.