To achieve AICPA compliance, accounting firms and CPAs must follow a set of guidelines and best practices outlined by the AICPA. These guidelines include:
Code of Professional Conduct: This code provides a framework for ethical behavior and requires CPAs to maintain integrity, objectivity, independence, and confidentiality in their professional work.
Quality Control Standards: Firms must establish and maintain a system of quality control to ensure that their engagements are performed with due professional care. This includes policies and procedures for monitoring and reviewing work, as well as ongoing training and development for staff.
Peer Review: Accounting firms that are members of the AICPA are subject to a peer review process. This process involves an independent evaluation of the firm’s quality control systems and compliance with professional standards.
Continuing Professional Education (CPE): CPAs must engage in ongoing professional education to stay up to date with the latest developments in accounting, auditing, and other relevant areas. The AICPA sets specific CPE requirements that CPAs must fulfill to maintain their licenses.
Attestation Engagements: CPAs who provide attestation services, such as audits, reviews, and compilations, must follow specific standards and guidelines set by the AICPA. These standards ensure the quality and integrity of financial statements and other attestation engagements.