How Is the Profession Regulated?
Indiana Board of Accountancy
A division of the Professional Licensing Agency that oversees and approves the following aspects of the CPA profession in Indiana:
- CPA Exam Administration
- CPA Partnerships
- CPA Corporations
- Professional Corporations
- CPE credit
Ethics complaints may be submitted in writing to the Indiana CPA Society Ethics Committee against INCPAS or AICPA members.
- The term "Ethics Committee" means a committee that has the authority to conduct an investigation under the terms of the Joint Ethics Enforcement Program (JEEP).
- Members of the Indiana CPA Society and AICPA must adhere to the Code of Professional Conduct
The American Institute of Certified Public Accountants (AICPA)
The AICPA is the national professional association in the United States, and an advocate representing over 300,000 CPAs at the federal level.
- The AICPA provides technical support, standard setting (including generally accepted accounting principles (GAAP)) and guidelines in conjunction with the Financial Accounting Standards Board (FASB)
- FASB authorizes and makes the accounting rules of the United States under the auspices of the U.S. Security and Exchange Commission
Public Company Accounting Oversight Board (PCAOB)
The PCAOB was created by the Sarbanes-Oxely Act of 2002 to oversee the auditors of public companies, protecting the interests of investors and the public.
- The PCAOB has broad investigative and disciplinary authority over registered public accounting firms and persons associated with such firms
Indiana CPA firms performing audits, reviews or compilations are required to be enrolled in a quality assurance program and have an accepted peer review every three years to renew their firm permit to practice.
- Peer Review aims to maintain and improve the quality of accounting and auditing services of public accounting firms
- The Peer Review program is administered by the Indiana CPA Society and is the administering entity approved by the Indiana Board of Accountancy
- Peer reviews are performed by qualified, AICPA-approved reviewers