5-6key function of AICPA

describe the key functions performed by the AICPA

CPAs are licensed by the state in which they practice, but a significant influence on CPAs is exerted by their national professional organization, the American institute of certified public accountants. Membership in the AICPA is restricted to CPAs, but not all members are practicing as independent auditors. Many members formerly worked for CPA firms but are currently working in government, industry, and education. AICPA membership is voluntary, so not all CPAs join. With over 360,000 CPAs, the AICPA is the largest professional association for CPAs in the united states.

The AICPA sets professional requirements for CPAs, conducts research, and publishes materials on many different subjects related to accounting, auditing,attestation, and assurance services, management consulting services, and taxes. The AICPA also promotes the accounting profession through organizing national advertising campaigns, promoting new assurance services, and developing specialist certifications to help market and ensure the quality of services in specialized practice areas. For example, the association currently offers specialty designations(专业名称） in business valuation, financial planning, information technology, and financial fo·rensics.（辩论学、技术）

The AICPA sets standards and rules that all members and other practicing CPAs must follow. Four major areas in which the AICPA has authority to set standards and make rules are as follows:

Auditing standards. The auditing standards board is responsible for issuing pronouncements on auditing matters for all entities other than publicly traded companies. ASB pronouncements are called statements on auditing standards. They are further discussed later in this chapter and throughout the text.

审计准则委员会负责对上市公司以外的所有实体发布审计事项公告。ASB的声明被称为关于审计标准的声明。它们将在本章后面和全文中进一步讨论。

Compilation and review standards. The accounting and review services committee is responsible for issuing pronouncements of the CPA’s responsibilities when a CPA is associated with financial statements of privately owned companies that are not audited. They are called statements on standards for accounting and review services, and they provide guidance for performing compilation and review services. In a compilation service, the accountant helps the client prepare financial statements without providing any assurance. In a review service, the accountant performs in’quiry and analytical procedures that provide a reasonable basis for expressing limited assurance on the financial statements.

Other attestation standards. Statements on standards for attestation engagements provide a framework for the development of standards for attestation engagements. Detailed standards have been developed for specific types of attestation services, such as reports o prospective financial information in forecasts and projections. Attestation standards are studied in proceeding chapter. 

Code of professional conduct. The AICPA professional ethics executive committee sets rules of conduct that CPAs are required to meet. The rules and their relationships to ethical conduct are the subject of chapter 4.

In addition to writing and grading the CPA examination, the AICPA performs many educational and other functions for CPAs. The association supports research by its own research staff and provides grants to others. It also publishes a variety of materials, including journals such as the journal of accountancy, industry audit guides for several industries, periodic updates of the codification of statements on auditing standards, and the code of professional conduct.

CPAs must meet continuing education requirements to maintain their licenses to practice and to stay current on the extensive and ever-changing body of knowledge in accounting, auditing, attestation and assurance services, management consulting services,and taxes. The AICPA provides a considerable number of seminars and educational aids in a variety of subjects, such as online continuing education opportunities and reference materials in its EXPRESS online learning library and its daily email alert about emerging professional issues through its CPA letter daily.