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Board discusses licensure pipeline and alternative firm ownership safeguards
Summary
Chair Aron Dunn said the Board formed a Pipeline Advisory Group to outline three licensure pathways and noted state boards, NASBA and AICPA are reviewing safeguards for private-equity and ESOP ownership structures in CPA firms; an Exposure Draft will be issued.
At the close of the Aug. 23, 2024 session, Chair Aron Dunn informed the Board a Pipeline Advisory Group had been created to outline three pathways to licensure for CPA exam candidates; an Exposure Draft describing those pathways will be issued soon. Dunn also said there is ongoing discussion among state boards, the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA) about alternative practice-structure ownership (including private equity and employee stock ownership plans) and that committees were assigned to review information and craft protective language and safeguards.
Dunn described the item as informational and said more details will be provided when the Exposure Draft is released. The Board took no formal vote on policy language or rulemaking at the meeting; the minutes record that staff and committees will continue work on proposed language and safeguards.
Next steps: expect an Exposure Draft outlining licensure pathways and follow-up committee work on firm ownership safeguards to be circulated for comment.
