AICPA Response to SEC Findings on Independence Violations of PricewaterhouseCoopers.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 6, 2000 The following is an announcement by the American Institute of Certified Public Accountants With over 330,525 CPA members (in August 2006), the American Institute of Certified Public Accountants (AICPA) is the largest professional organization of Certified Public Accountants (CPAs) in the United States of America. : "The SEC has a right to expect the profession to adhere to adhere to verb 1. follow, keep, maintain, respect, observe, be true, fulfil, obey, heed, keep to, abide by, be loyal, mind, be constant, be faithful 2. the rules," said Barry Melancon, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the American Institute of Certified Public Accountants. He added that "the profession has a right to expect the regulatory environment to remain modern" in response to allegations that many SEC rules regarding the accounting profession are out of date. It is the policy of the AICPA's Professional Ethics professional ethics, n the rules governing the conduct, transactions, and relationships within a profession and among its publics. professional ethics liability, n 1. Division to investigate all allegations of misconduct by an AICPA AICPA See American Institute of Certified Public Accountants (AICPA). member, including allegations of independence impairments. The Ethics Division's enforcement arm takes independence violations very seriously and generally publishes enforcement decisions of known violations. Appropriate and timely action is always taken by the Ethics Division when it is advised of or becomes aware of allegations of misconduct. Anything that compromises audit quality or integrity can not be tolerated. However, it should be noted that of all PricewaterhouseCoopers audit clients examined by the SEC, in no case was it found that the audit was impaired. We intend to continue to address this issue. |
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