Member response to the American Institute of CPAs' recently formed audit quality centers has been favorable, an institute vice president told Council members here, noting that the Employee Benefit Plan Audit Quality Center has attracted nearly 700 firms since its launch in March. As of last week, some 690 firms have joined the voluntary center, with five to 10 additional firms enrolling daily, Susan Coffey, AICPA vice president of audit quality and professional ethics, told Council members in an update Monday. The Governmental Audit Quality Center, which launched on Sept. 27, has just begun recruiting members. Coffey noted that some 6,300 firms practice in that environment, which includes the audits of state and local governments and nonprofits, as well as certain for-profit entities that receive government funds. In addition, Coffey noted that 950 firms (auditing 96 percent of all SEC registrants) have joined the Center for Public Company Audit Firms. That center, a revamped version of what used to be the AICPA's SEC Practice Section, launched in January of this year.
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Speedy sentencing; WWTF; no longer Confident; and other highlights of recent tax cases.
2h ago -
The Internal Revenue Service and the Treasury Department released final regulations on the transfer of clean energy manufacturing, investment and production tax credits, with specific rules for partnerships and S corporations.
7h ago -
Sens. Cassidy and Warren teamed up to introduce legislation aimed at making math error notices from the IRS easier to understand.
7h ago -
A recent experiment tested different generative AI models against each other on the CPA Exam and found they each have their own strengths and weaknesses.
11h ago -
Firms must transform their business models to afford the cost of multilayered retention strategies, a new report by the Pennsylvania Institute of CPAs says.
April 25 -
The IRS has long offered alternative dispute resolution, but says use has declined in recent years, and it hopes to make it more attractive and accessible.
April 24