New Orleans (Oct. 22, 2003) -- Members of the governing council of the American Institute of CPAs have approved restructuring the audit standards board to include non-CPA members.
The measure, passed Monday, expands the board from 15 to 19 members and adds five representatives from state boards of accountancy to the lineup. The board will continue to set standards for private companies. Audit standard setting for public companies has been taken over by the Public Company Accounting Oversight Board.
In addition to the five state board members, the board will include five public members, up from two, four members from the Big Four, and five members from local, regional, or non-Big Four firms, AICPA vice president of professional standards Arleen Thomas told council members. The resolution authorized the ASB to include up to 25 percent of non-CPAs as members.
Thomas said the new state board members would be chosen the same way as other committee members. Recommendations will be solicited from the membership and a list of names will be given to the AICPA vice chair Bob Bunting, for approval.
-- Melissa Klein
