AICPA: History, Development & Role

The American Institute of Accountants was established in 1887 (National Society of Public Accountants, 1995, p. 15). The American Institute of Accountants initiated the process of certifying accounting practitioners about 20 years later, and the American Institute of Accountants eventually was renamed the American Institute of Certified Public Accountants.

The contemporary mission of the AICPA is to act on behalf of its members and provide necessary support to assure that Certified Public Accountants (CPAs) serve the public interest in performing the highest quality of professional services (Chenok, 1995, p. 70). In fulfilling its mission, the AICPA gives priority to those areas where public reliance on CPA skills is most significant.

As a national organization of practicing CPA, the AICPA has been integrally involved in developing and promoting the profession, and AICPA efforts have been vital to the development of accounting standards and related policies (Kieso & Weygandt, 1995, p. 12). The roles of the AICPA are reviewed in relation to (1) professional accounting education, (2) the development of professional standards, (3) the development of ac

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3) required that as part of all audits, consideration be given to a company's ability to continue as a going concern. The new standards also broadened the auditor's responsibility to consider internal control when planning an audit. Detecting fraud. The AICPA focus has been on internal controls in efforts to combat fraud (Chenok, 1995, p. 68). The AICPA, along with other accounting organizations, called attention to the need for companies to assess their own systems of internal control. The AICPA also participated in developing Internal ControlùIntegrated Framework to provide the guidance necessary for firms to assess their own systems. In June 1993, the AICPA "urged the SEC to require the inclusion of management and auditor reports on internal controls over financial reporting in the annual reports of all public companies. It also recommended other measures to prevent and detect fraud, and the establishment of audit committees composed, whenever possible, of independent directors who would be directly involved in overseeing the financial reporting process" (Chenok, 1995, p. 69). Unfortunately, while auditing standards have been changed to require auditors to plan the audit to detect material fraud, there is little ev
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