Relaxation of regulations affecting the accounting profession

Regulators of the accounting profession have historically prohibited the use of commissions, referral fees, and contingent fee arrangements. In addition, almost every state still prohibits CPAs from practicing in a entity owned even in part by non-CPAs. Largely in response to the expansion of the profession's services into new areas, the AICPA and the National Association of State Boards of Accountancy reached an agreement to relax these long-standing prohibitions.