Highlights of Board of Directors' July meeting.

Here are some of the more significant actions and events that took place at the AICPA Board of Directors' meeting July 12-13:

* Annual updates were provided on the Employee Benefit Plan and Governmental Audit Quality Centers. The EBP AQC (www.aicpa.org/ebpaqc) has grown by 17% to more than 1,300 member firms in all 50 states plus Puerto Rico and has cultivated a strong working relationship with the Department of Labor. The GAQC (www.aicpa.org/gaqc) has more than 800 member firms, a growth of 42% over the prior year. As a result of a recent government report on audit quality regarding Single Audits, the GAQC will be working with the Auditing Standards Board, the Office of Management and Budget and other federal agencies on a go-forward basis in developing solutions to the issues identified in the report.

* Regarding activities in the nation's Capitol, board members heard of strong congressional support for the Institute's position on tax patents. Recent legislative efforts would serve to stop the issuance or enforceability of new tax planning method patents. In addition, the AICPA is working to equalize the tax return reporting standards for preparers with those that apply to taxpayers, limiting the application of the recently enacted "more likely than not" threshold to tax shelter items (The CPA Letter, July).

* The board approved a resolution authorizing the release of a new edition of the...