What is the AICPA's Roll 583

  • I thought that SOX ripped the AICPA’s authority away. Why are they still writing exposure drafts. Are they still relevent? Is PCAOB authorizing these new SAS standards? Where can I find guidence.

  • AICPA’s role is, more or less, unchanged.

  • Can we sumarize as follows?
    AICPA - issue standards in the accounting
    PCAOB - issue standards in auditing (and I believe investigating teh
    Does the PCAOB authority to investigate in the figures of listed firms, as SEC is allowed to ?

  • The Sarbanes-Oxley Act of 2002 authorized the PCAOB to establish auditing and related professional practice standards.
    The Board adopted as interim standards, on an initial, transitional basis, the generally accepted auditing standards, described in the American Institute of Certified Public Accountants’ (‘AICPA’) Auditing Standards Board’s Statement on Auditing Standards No. 95, Generally Accepted Auditing Standards, in existence on April 16, 2003.
    (Public Company Accounting Oversight Board, Auditing Standard No. 1)
    But, AICPA is behind COSO. COSO: Jointly sponsored by by the American Accounting Association, the American Institute of Certified Public Accountants (AICPA), Financial Executives International, The Institute of Internal Auditors, and the National Association of Accountants (now the Institute of Management Accountants).

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