Why do we keep mentioning the AICPA – Edward Thomas Associates uses Sage Intacct financial accounting solution on behalf of many of our clients. We do so, because those who know the most about accounting, including the AICPA, prefer Sage Intacct.
But if you’re not life-long accountants, you may have no idea what the AICPA is or what it does. We’d like to share some information about the American Institute of Certified Public Accountants.
The American Institute of Certified Public Accountants is a trade organization for certified public accountants. In fact, it happens to be the largest organization for certified public accountants in the world, with a membership that currently exceeds 400,000. It is also one of the oldest trade organizations in the world, having been established in 1887. That said, it plays certain roles in the world of accounting that make it crucial to the smooth running of the profession around the world. These roles are listed below.
Setting Best Practices and Ethical Standards for the Profession
The AIPCA has a set of guideline that cover accounting standards to be followed by members in the normal course of practicing their profession. Despite regulatory changes in the bodies allowed to set standards for certain types of business entities, such as public companies, the AICPA still wields influence in terms of what kinds of accounting practices are accepted and followed by CPAs in the private sector around the world.
That’s why Sage Intacct’s “preferred” status is so important. You will enjoy the peace of mind that comes from knowing the foremost authority for accounting best practices has given Sage Intacct this rare and special designation.
Other functions of the AICPA:
It offers Training for Members
All members of the AIPCA who would like to renew their membership need to obtain CPE credits. There are various ways in which the AIPCA allows its members to obtain these credits and, in the process, improve their competencies in various areas of their profession. These may include training programs and seminars, some covering single units and others involving entire courses with newly acquired credentials at the end. Some of them include the Certified Information Technology Professional certification, the Accredited in Business Valuation certification, and the Personal Financial Specialist certification.
Sponsoring and Initiating Advocacies that are of Benefit to Accounting Professionals
The AIPCA, in collaboration with various CPA societies and other relevant organizations, regularly endeavors to educate and advise federal and state policymakers on specific issues that have an impact on the accounting sector.
The AIPCA frequently publishes technical briefs and white papers in relation to legislation, both pending and approved. The organization also frequently publishes guidelines for its members that outline how new legislation affects their profession and how they may comply with it. It also frequently sends encouraging messages and feedback on various programs and initiatives that directly affect the profession.
Publishing Industry Related Material
The AIPCA publishes newsletters on a regular basis to keep its members informed on the ever evolving state of the accounting sector. It also curates publications for its members by maintaining a sizeable library that its members can easily access, either for free or at a discount. These include journals, trade publications, and books covering a wide range of accounting topics, such as financial reporting and management, forensic strategies and fraud, management practices, business valuation, financial planning, auditing and general accounting.
As you can see, the AIPCA is crucial to the survival of the accounting profession worldwide as it ensures that its members conform to the very highest standards of the profession.