American Institute of Certified Public Accountants (AICPA)
Introduction to American Institute of Certified Public Accountants (AICPA)
The AICPA is a non-profit professional organization of certified public accountants in the US. The AICPA was established in 1887, under the name of American Association of Public Accountants, so as to make sure that accountancy obtained respect as a profession and that it was practiced by competent and ethical professionals. The AICPA subsists to provide as much as 370,000 members with the resources, info, and leadership to provide CPA services in the most efficient professional manner.
As explained by Investopedia, the members of AICPA symbolize professionals in business and industry, government and education, and public practice. The main offices are located in New York City; Washington D.C.; Durham, N.C.; Ewing, N.J.; and Lewisville, Texas. The AICPA is important for rule-making and standard-setting in the CPA profession, and also serves as an advocate to legislative bodies as well as public interest groups.
History of AICPA
The AICPA and its forerunners have a history dating back to 1887, when the AAPA (American Association of Public Accountants) was formed. In 1916, the American Association was succeeded by the Institute of Public Accountants, at which time there were 1,150 members. The name was transformed to the American Institute of Accountants in 1917 and remained same until 1957, when it transformed to its present name of the AICPA.
Mission of AICPA
The mission of AICPA is providing members with resources, info, and leadership which enable them to provide valuable services in the greatest professional way to promote the public, clients, and employers. In fulfilling this mission, the AICPA works jointly with state CPA organizations and provides priority to the areas wherein public reliance CPA skills are most important.
CredentialingBecause of private sector demand, the AICPA has introduced credentialing programs to allocate title of expertise in some subject areas to set up through testing, experience, and continuing education. The recommendations are akin to state board certification for attorneys, which also recognize subject matter specific expertise. The AICPA credential for expertise in valuation is the Accredited in Business Valuation (ABV) designation.