ABSTRACT
In the United States of America, the most important accountancy body from the standpoint of authoritative pronouncements on accounting principles is the American Institute of Certified Public Accountants (CPA). One becomes a CPA by complying with the laws and regulations of one of the 50 States, the District of Columbia, Puerto Rico, the Virgin Islands, or Guam. The Financial Executives Institute (FEI) was founded in 1931 as the Controllers Institute of America. Its present name was taken in 1962. Shortly after they had been created by Congressional legislation in 1913 and 1914, respectively, the Federal Reserve Board and Federal Trade Commission (FTC) became concerned about the highly variable quality of financial reports and independent audits. The Special Committee on Procedure was reactivated with Accounting made part of its name. Its function was to express opinions from time to time on particular points of accounting procedure.
