CPA_Practice_Advisor_March_2020 - 24

AICPA NEWS
AICPA & NASBA PARTNER WITH SOUTH
AFRICAN CA BOARD

The South African Institute of Chartered Accountants (SAICA), the AICPA and
the National Association of State Boards of Accountancy (NASBA) have signed
a mutual recognition agreement (MRA) that came into effect on January
15, 2020. The agreement provides a pathway for South African Chartered
Accountants (CAs[SA]) and U.S. Certified Public Accountants (CPA) to have
their credentials recognized in both countries.
According to its terms, the MRA will:
■ Facilitate the reciprocal recognition of the South African CA(SA) designation and
the Certified Public Accountant (CPA) license.
■ Increase the mobility of professionals to facilitate growth of the profession in
both countries.
The NASBA/AICPA International Qualifications Appraisal Board (IQAB)
worked with SAICA to establish this pathway for those holding the CPA
license and CA(SA) designation. The IQAB surveys and assesses professional
practice standards and qualification in specified countries and recommends
the feasibility of recognition of credentialed non-U.S. professionals.
How do members qualify?
A holder of the CA(SA) credential may be eligible to obtain the CPA license
via this agreement if he or she is a member in good standing of SAICA and
meets the additional criteria set out in each of the applicable U.S. jurisdiction's
various state laws and regulations as they apply to:
■ Experience and
■ Education
■ Continuing Professional Education
■ Examinations
A CPA may be eligible to obtain the CA(SA) credential provided he or she
is a licensed CPA in good standing with a State Board of Accountancy, meets
the CPE requirements of their Board of Accountancy and meets additional
criteria set out under the following sections of the agreement:
■ Education
■ Examination
■ Experience and ■ CPE criteria
Full details on the eligibility requirements for CPAs can be found NASBA's
website or by emailing iqex@nasba.org. Full details on the eligibility requirements for CAs(SA) can be found on SAICA's website or by emailing Adri
Kleinhans at adrik@saica.co.za. ■

AN ARSC PRIORITY: CONVERGE WITH

INTERNATIONAL STANDARDS AND ALIGN WITH GAAS

The AICPA Accounting and Review Services Committee (ARSC) has issued
Statement on Standards for Accounting and Review Services No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions. It will
amend AR-C sections 60, 70, 80 and 90 in AICPA Professional Standards.
SSARS No. 25 converges AR-C section 90, Review of Financial Statements, with International Standard for Review Engagements 2400 (Revised),
Engagements to Review Historical Financial Statements.
The ARSC believes it's important for the SSARSs literature to be as
closely converged with ISRE 2400 (Revised) as possible. This will facilitate
the accountant's ability to perform and report on engagements in accordance
with both sets of standards and diminish confusion regarding the level of
assurance obtained in accordance with either set of standards.
SSARS No. 25 becomes effective for engagements performed in accordance with SSARSs on financial statements for periods ending on or after
December 15, 2021. Early implementation is permitted.

MARCH 2020 ■

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AICPA, TAX STAKEHOLDER ORGS PROVIDE
RECS ON TAXPAYER FIRST ACT
The American Institute of CPAs
(AICPA) has participated in a group
of 10 stakeholder organizations
to provide the Internal Revenue
Service (IRS) with recommendations
as it prepares reports to Congress
as mandated by the Taxpayer First
Act (TFA).
"The IRS...needs to adopt a
visionary approach looking beyond
immediate constraints to develop
long-term goals...The IRS should
provide flexibility in its design to
ensure the agency will continue to
evolve," the group said.
The recommendations outlined
in this letter better empower practitioners to help their customers and,

ultimately, help all taxpayers. The
following organizations participated
in providing the recommendations
to the IRS:
■ alliantgroup, LP
■ American Institute of CPAs (AICPA)
■ H&R Block
■ Latino Tax Professionals Association
■ National Association of Enrolled
Agents (NAEA)
■ National Association of Tax Professionals (NATP)
■ National Conference of CPA Practitioners (NCCPAP)
■ National Society of Tax Professionals
(NSTP)
■ Padgett Business Services
■ Prosperity Now ■

AICPA NOW ACCEPTING
APPLICANTS TO GEORGE WILLIE
SCHOLARSHIP PROGRAM

The AICPA is now accepting applications for the Private Companies
Practice Section (PCPS) George Willie
Ethnically Diverse Student Scholarship
and Internship program.
The George Willie program provides a scholarship and internship to
five minority accounting students who
intend to pursue their CPA licensure.
The AICPA provides a scholarship
of up to $20,000 to each student to
assist with their final academic year
tuition, while five PCPS member
firms each sponsor a student for an
internship during the 2021 tax season
(January to April).
The participating member firms
are:
■ Aronson LLC, Rockville, MD
■ Boyum Barenscheer, Bloomington,
MN
■ OnTarget CPA, Indianapolis, IN
■ Reynolds, Bone & Griesbeck PLC,
Memphis, TN
■ Sensiba San Filippo, Pleasanton, CA
This program was created in

honor of George Willie, CPA, CGMA,
a former chair of AICPA's PCPS
Executive Committee and the AICPA
Minority Initiatives Committee. During
his more than 35-year career, Willie
has promoted the benefits of a career
in accounting to students and young
professionals in pursuit of the CPA
license.
The Willie program is open to
Black or African American; Hispanic
or Latino; Native American or Alaska
Native; Native Hawaiian or Pacific
Islander; Multiethnic; or Asian American students pursuing an undergraduate or graduate degree in accounting
or an accounting-related major with
at least a 3.0 GPA. Applicants also
must plan to sit for the CPA exam. Full
eligibility requirements and selection
criteria are available online.
Students interesting in the
program can visit aicpa.org/pcpsscholarship for more information.
Applications are currently open, with
a deadline of April 15, 2020. ■

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CPA_Practice_Advisor_March_2020

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