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Board hears national updates: Dept. of Education designation, NASBA diagnostic and AICPA peer-review concerns
Summary
Board members discussed the Department of Education notice on accounting-degree designation, NASBA's commissioned diagnostic review, and an AICPA peer-review exposure draft; members described mixed national responses and the need to monitor independence and peer-review sampling developments.
Board members flagged several national items for the record: a Department of Education announcement about whether accounting would continue to be designated a professional degree, NASBA initiatives including a consultant-delivered diagnostic review, and AICPA exposure drafts related to peer review and continuing professional education (CPE) standards.
A representative for OSCPA summarized that the Department of Education announcement had prompted outreach by AICPA and coordinated responses from state societies. The board also reviewed a NASBA consultant diagnostic that board representatives said produced a mid-grade assessment and a set of recommended improvement areas; NASBA has committed to follow-up work on identified issues and released a town hall on Nov. 24 to discuss findings.
Members also discussed an AICPA peer-review exposure draft that had attracted significant feedback; one board member who attended the peer-review open session said the meeting permitted robust public questioning but that publicly presented data tying peer-review results to the proposed change was not yet available. The board agreed staff would monitor AICPA and NASBA actions and prepare a brief acknowledgment comment on exposure drafts where the board had no substantive edits to propose.
