Washington (May 1, 2003) -- During their spring meeting this week, members of the American Institute of CPAs ruling Council okayed measures to beef up the institute's disciplinary processes, including a measure to automatically sanction members.
Council gave the green light to a proposal that would allow the Professional Ethics Executive Committee (PEEC) to automatically sanction an AICPA member without an investigation if the member is disciplined by a governmental agency or other organization with the authority to regulate accountants, like the Securities and Exchange Commission or the Public Company Accounting Oversight Board. Under the proposal, members and the PEEC would both have the right to appeal automatic discipline. The measure still needs approval by the general membership. Under AICPA bylaws, a vote must take place within 180 days of Council's approval.
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