April 2010

AICPA Readies for Senate Financial Reform Bill

From WebCPA.com.

The American Institute of CPAs is keeping a close watch on financial reform legislation as the Senate is expected to begin debate on the bill within the next week.

The Senate bill introduced by Banking Committee Chairman Christopher Dodd, D-Conn., exempts CPAs from regulation by the Consumer Financial Protection Bureau, similar to language in the version of the bill passed by the House last December. However, as the Senate debates possible amendments, there could be provisions introduced that might affect Sarbanes-Oxley 404 audits of the internal controls at smaller public companies, as well as liability provisions that might affect CPAs.

Read full article.

Leave a comment


Contact

Blackman Kallick
10 South Riverside Plaza
9th Floor
Chicago, IL 60606-3770

p 312-207-1040
f 312-207-1066
info@BlackmanKallick.com

Get Directions

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.