Definition
The American Institute of CPAs (AICPA) is the national professional association of US CPAs. Through its senior committees, it sets auditing and attestation standards for nonissuers, accounting and review services standards, and ethics rules in the Code of Professional Conduct. It runs the peer review program, develops the Uniform CPA Examination (administered with NASBA), and offers CPE through its programs. It is not a regulator, and licensing remains with state boards of accountancy.
Why it matters in an audit or review
Firms performing audits of nonissuers generally enroll in AICPA peer review, which tests compliance with professional standards. Auditors cite AICPA standards in reports, and membership brings obligations such as CPE and compliance with the Code. Violating the Code can result in AICPA disciplinary action, separate from state board action on the license.
Example
Illustrative: a firm receives a peer review report with a finding on audit documentation. It responds with a corrective action plan, which the AICPA's peer review committee evaluates.
Common mistakes
Treating AICPA membership as a license to practice.
FAQ
Is AICPA membership required to be a CPA?
No. The license comes from a state board of accountancy.
Sources
- AICPA, Code of Professional Conduct (including ET 1.310.001, Compliance with Standards Rule)
- AICPA, Auditing Standards Board and Accounting and Review Services Committee charters
- AICPA and NASBA, Uniform CPA Examination program materials
Definitions paraphrase AICPA and FASB guidance; read the standard itself before relying on a requirement. Example figures are illustrative. This page is guidance, not professional advice. Report an error