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Board reviews NASBA white paper on private equity, peer review and independence concerns
Summary
The board discussed NASBA’s white paper and an AICPA exposure draft on independence related to alternative practice structures (APS). Members flagged questions about maintaining audit quality under private-equity ownership, disclosure clarity for the public, and potential adjustments to peer review oversight.
The chair introduced NASBA’s white paper on alternative practice structures (APS), which examines private-equity involvement in CPA firms and poses questions for state boards about independence, disclosure and regulatory oversight. The paper frames three areas of concern: preserving audit quality and immunity from undue influence in PE-owned entities; ensuring…
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