NATIONAL SOCIETY OF ACCOUNTANTS TAKES LEADING POSITION ON BEHALF OF UAA COALITION
The National Society of Accountants (NSA), a professional member organization of approximately 17,000 accountants, many of whom are not licensed by any jurisdiction, recently announced it was taking a leading position in the UAA Coalition against what it considers harmful ramifications of the new act. The UAA Coalition--comprised of the NSA, the National Association of Enrolled Agents, the National Society of Tax Practitioners, American Express Financial Services, American Express Tax and Business Services, H&R Block, Century Business Systems, Padgett Business Services, and Triple Check--is opposed to the "safe harbor" and "definition of attest services" sections of the new UAA, now under study by many states.
The safe harbor deals with the language that nonlicensee accountants may use in connection with financial statements in order for them not to be in violation of the UAA. The definition of attest services includes compilations of financial statements under the Statements of Accounting and Review Services.
The members of the UAA Coalition believe that compilations of financial statements should not be considered attest services and therefore not restricted to licensed accountants. *
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