SECPS

AcronymDefinition
SECPSSecurities & Exchange Commission Practice Section (of the AICPA)
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The Panel also recommends that if, in the judgement of the Quality Control Inquiry Committee of the SECPS and/or the Ethics Division, the infraction is deemed to be of a sufficiently serious nature, the firm must select one of three possible options with regard to the engagement partner pending resolution of the matter.
Have either auditors or clients filed more quickly since the SECPS conducted its educational effort?
During the 1977-1997 period, the SECPS conducted 4,021 peer reviews, of which 322 firms received qualified/modified opinions and 50 firms were given adverse opinions.
Audit performance-testing appropriate to the audit (revenue, use of a specialist, goodwill impairment, business combination, software development costs); concurring partner review, including SECPS requirements; partner workload; competency of engagement team.
The SECPS administers peer reviews for firms belonging to its section at the national level, but its role has changed since the Public Company Accounting Oversight Board's arrival.
However, SECPS member firms made it clear that the AICPA should play an important role for them in the new regulatory environment by representing public company audit firms before the SEC and PCAOB, keeping them abreast of issues, and maintaining a peer review program for the firms' non-issuer practices that enables them to meet their state licensing, federal regulatory and AICPA membership requirements.
All questions on this issue should be directed to Susan Coffey, VP-Self Regulation and SECPS at scoffey@aicpa.
The SECPS is composed of accounting firms that audit the financial statements of some 17,000 public corporations that file reports with the Securities and Exchange Commission.
Department of Labor (DOL) if the member's report will be filed with the DOL, [begin strike through] the AICPA SEC Practice Section (SECPS) if the memeber's firm is a member of the SECPS [end strike through], the [begin strike through] General [end strike through] Government Accountability [begin strike through] Accounting [end strike through] Off (GAO) if law, regulation, agreement, policy or contract requires the member's report to be filed under GAO regulations, and any organization that issues or enforces standards of independence that would apply to the member's engagement.
The CPCAF peer review program is the successor to the SECPS peer review program, with the objective of administering a peer review program that evaluates and reports on the non-SEC-issuer accounting and auditing practices of firms that are registered with and inspected by the PCAOB, which created an inspection program to periodically evaluate registered firms' SEC-issuer audit practices.