Uniform Accounting Act - Explained
What is the Uniform Accounting Act?
Written by J. Mance Gordon
Updated at April 18th, 2024
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What is the Uniform Accounting Act?
The Uniform Accounting Act is a model licensing law that was created to foster a uniform accounting system. This model law contains regulations that promote public and private interests.
How is the Uniform Accounting Act Used?
Aside from safeguarding public and private interest, the act also brought changes to the definition of attest. Attest services are offered by certified public accountants, these services cover compilations and reviews of financial statements, audits, and other accounting procedures. Generally, attest services are performed based on the regulations of PCAOB and other boards. They are also limited to licenses and CPA firms.
The recommendations for changes to attestation were accepted by the the American Institute of Certified Public Accountants (AICPA) and National Association of State Boards of Accountancy (NASBA) in 2014. This stipulated that only CPAs with licenses in the United States can carry out accounting practices in the Statement on Standards for Attestation Engagements (SSAE) that were contained in Uniform Account Act.