New Orleans (Oct. 21, 2003) -- With the Public Company Accounting Oversight Board usurping much of the self-regulatory authority and activities of the AICPA's SEC Practice Section, the institute's Council Monday voted to restructure the unit to an entity titled, Center for Public Company Audit Firms.
Scheduled to kick off Jan. 1, 2004, the reformatted body would consist of a voluntary membership, and would seek to help enhance audit quality though best practices and solutions for its SEC audit partners, as well as act as a liaison with both regulators, lawmakers and such ancillary groups such as stock exchanges.
Sue Coffey, vice president of self-regulation for the SECPS, said dues for the new group would be contingent on the size of the firm and the number of SEC issuers it audits and the group's senior executive committee would consist of members from small, medium and large-tier firms.
-- Bill Carlino
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