New York (Jan. 5, 2004) -- The American Institute of CPAs kicked off the new year with the launch of the Center for Public Company Audit Firms, the revamped version of its former SEC Practice Section.
AICPA Council members at their Fall meeting in October approved the restructuring of the section, since the Public Company Accounting Oversight Board had taken over much of the SECPS’s self-regulatory authority and activities.
According to the AICPA, the voluntary membership center is intended to be a forum for firms to express views on technical and regulatory matters involving practice before the SEC and the PCAOB; to enhance the quality of member firms’ public company audit practices; and to advocate solutions and positions on behalf of member firms. It will also act as a liaison with regulators, lawmakers and stock exchanges.
Current SECPS members will be automatically enrolled in both the CPCAF and its peer review program.
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