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CPA Profession Expands Efforts In Public Company Auditing To Protect Investors

OCTOBER 24, 2005
NEW YORK, NY – At a meeting today of its governing Council in Rancho Mirage, California, the American Institute of Certified Public Accountants (AICPA) approved a framework authorizing the AICPA Board to work with the public company auditing profession and others to implement a new approach to better address public policy issues in the public interest for U.S audit firms that are registered with the PCAOB. The new framework is not expected to be fully completed and implemented until spring 2006.

“I am very supportive of us finalizing this framework to demonstrate a strong commitment to the public interest and audit quality,” said Barry Melancon, President and CEO of the AICPA. “Once implemented, the profession together will be more visibly positioned to address public interest issues among public company auditors.” The American Institute of Certified Public Accountants  is the national, professional association of CPAs, with approximately 350,000 members, including CPAs in business and industry, public practice, government, and education; student affiliates; and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies; federal, state and local governments; and non-profit organizations. It also develops and grades the Uniform CPA Examination.

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