Firms (including sole practitioners) need to participate in a practice-monitoring program if -
- At least one partner wishes to retain his/her AICPA membership
- The firm wishes to hire or retain staff who are AICPA members
- The firm performs engagements under Government Auditing Standards (i.e., “Yellow Book”) issued by the U.S. Government Accountability Office (GAO)
- The firm is not a member of the AICPA but performs services requiring a license in its home state