The [tag]American Institute of Certified Public Accountants[/tag] ([tag]AICPA[/tag]) has been losing ground ever since the accounting scandals that started in 2001. Now, they may be headed for even more problems.
The organization decided this year to move many of its functions from New Jersey, New York, Texas, and Washington D.C. to Durham, North Carolina. About 400 jobs are being affected, and only about 50 employees have decided to make the move.
The AICPA has lost influence since the accounting scandals partly because it lost duties to [tag]PCAOB[/tag], the [tag]Public Company Accounting Oversight Board[/tag]. The PCAOB now sets the standards used to audit public companies instead of the AICPA. Currently, the AICPA has about 330,000 members, and is still the largest professional membership group for accountants. The organization says that the consolidation and move will save $10 million per year.