Professional Issues Update

The PICPA weighed in on how the PCAOB should modernize auditing standards, from AI to international alignment.

The PCAOB is proposing updates to QC 1000 - the rule governing firm quality control - to simplify compliance and reduce unnecessary burden for firms of all sizes, without compromising audit quality or investor protection.

The SEC has proposed letting companies choose between quarterly and semiannual financial reporting. The goal is to reduce the regulatory burden on public companies.

The Pennsylvania General Assembly completed action on the FY 2026-27 12 days into the new fiscal year, approving the General Appropriations and Fiscal Code bills. Governor Shapiro signed the budget into law on July 12, 2026.

Pennsylvania currently relies on the federal regulatory framework for stablecoins, but pending legislation could reshape digital asset oversight in the Commonwealth. Learn what practitioners should know about the proposed bill and the tax implications of increasing stablecoin adoption.

The PCAOB has asked for stakeholder input on its strategic priorities, and the PICPA has embraced this opportunity to influence the future direction of audit oversight.

See what’s in the Pennsylvania State Board of Accountancy’s regulatory agenda for 2026 and where the PICPA will be focusing its attention.

See what’s in the Pennsylvania Department of Revenue’s regulatory agenda for 2026 and where the PICPA will be focusing its attention.

Pennsylvania Senate Bill 1183 would ease costly audit requirements for smaller charities, helping nonprofits spend more resources serving their communities while still maintaining accountability for larger organizations.

This Pennsylvania legislation would allow resident partners to receive a tax credit for pass-through entity taxes paid to other states.

This legislation would give Pennsylvania partnerships and S corporations the option to pay state taxes at the business level instead of the individual level, reducing the impact of the federal cap on state and local tax deductions and aligning Pennsylvania with most other states.

Pennsylvania House Bill 1290 would allow licensing boards to provide advisory opinions to licensed professionals who have questions about state rules and regulations.

Pennsylvania House Bills 855 and 856 would give taxpayers who make honest mistakes or face unexpected hardships more flexibility with state tax penalties and interest.

The PICPA supports modern, consistent national standards for evolving CPA firm ownership models, but opposes a confusing patchwork of incongruent state rules.

Designating accounting as a STEM pursuit would empower educators to introduce students at an earlier age to foundational accounting skills and highlight the role the profession holds in today’s technology-driven marketplace.

Pennsylvania House Bill 1697 (the False Claims Act) would allowing private individuals to file lawsuits on behalf of the state with the potential to receive financial rewards if they win. Unlike similar federal and other state versions, this proposal may allow lawsuits over state and local tax matters, putting CPAs at increased liability risk.

After more than 20 months of PICPA advocacy, the Pennsylvania Department of Education has released revised, profession-aligned guidance for charter school engagements under Act 55 of 2024.