AICPA Updates Summary of State Reform Issues

The Institute’s special committee on state regulation distributed to state CPA society chief executives, presidents and legislative staff the second edition of A Reasoned Approach to Reform , its overview of state issues related to the Sarbanes-Oxley Act of 2002. Replacing an earlier edition, issued in January, it will be useful for educating state society members, state legislators, regulators and federal executive branch officials about the implications of imposing Sarbanes-Oxley-like provisions at the state level. The new version includes changes in the sections on audit partner rotation, state board of accountancy composition and peer review. It also adds an issue brief on professional ethics. The special committee is available to help state societies minimize at the state level the “cascade” effect of federal legislative, regulatory and executive branch actions resulting from passage of the act. More information on the committee and its work is available at www.aicpa.org/statelegis/index.asp .