Sign up or. Mission of AICPA The mission of AICPA is providing members with resources, info, and leadership which enable them to provide valuable services in the greatest professional way to promote the public, clients, and employers. Credentialing Because of private sector demand, the AICPA has introduced credentialing programs to allocate title of expertise in some subject areas to set up through testing, experience, and continuing education. The recommendations are akin to state board certification for attorneys, which also recognize subject matter specific expertise.
Add New Comment. Start free Ready Ratios financial analysis now! Login to Ready Ratios. The merged group had retained the name American Association of Public Accountants, but in it was reorganized as the Institute of Accountants in the United States of America, and shortly after this the name was changed to American Institute of Accountants.
The pre association essentially had been a federation of state societies; the reorganized body conferred on itself the power to accept applications for membership, prepare its own admissions examination, and draft and enforce a code of ethics for all its members. In the first 10 years after reorganization, the institute grew from 1, to 2, members. A number of its members formed the American Society of Certified Public Accountants in to emphasize the importance of the CPA certificate, but this group rejoined the institute in , bringing the membership to 4, Thereafter admission was open only to CPAs.
The institute eventually stopped giving its examination for admission, accepting members on the basis of what became a uniform CPA examination. A number of members and state societies contributed in to an endowment fund in order to establish and support a central library for the accounting profession. This fund enabled the AIA to publish a number of technical books and monographs in the s. During the following decade the institute continued to expand its line, including one of the first efforts to define the principles underlying financial accounting.
After World War II, its publications evidenced a strong interest both in detailing practice procedures and expanding the theoretical frameworks supporting the various types of expertise involved in public accounting. A strong emphasis on professional ethics had been established by the American Association of Public Accountants, which in had disseminated five rules on the subject, including a prohibition on members' engaging in incompatible occupations and also of paying commissions to the "laity.
These rules were dropped in the s as a result of threatened antitrust litigation by the federal government. The Journal of Accountancy opposed incorporation by accounting firms because they could fall under the control of entrepreneurs who were not members of the profession.
The American Association of Public Accountants resisted efforts by federal government agencies in and to introduce uniform accounting rules. At the request of the Federal Trade Commission, the AIA issued, in , a memorandum on balance-sheet audits that became a model for the preparation of financial reports for commercial and industrial enterprises.
Such an authoritative statement on acceptable auditing procedures had become necessary because of the growing reliance of banks on audited financial statements for credit purposes. Recognition of the need to standardize accounting rules grew in the s, as the public increasingly bought shares of stock on securities markets. In the institute, in association with the New York Stock Exchange, issued Audits of Corporate Accounts, defining for the first time six accounting principles that firms listed on the stock exchange were required to follow.
It also called on accountants not only to certify a company's accounts but also to determine whether or not the system of accounting of a company conformed to acceptable accounting principles.
This action was impelled by the establishment of the Federal Securities and Exchange Commission, with jurisdiction over the reporting of public companies, including the power to define generally accepted accounting principles. Alarmed at this piece of New Deal legislation and fearing that their profession would be drawn into the political pressures they associated with government, accountants won an important concession: public financial statements filed with the SEC would be audited by independent accountants rather than federal employees.
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