What is true regarding the AICPA and state CPA societies?

The assertion that the AICPA (American Institute of Certified Public Accountants) and state CPA societies do not have the power to revoke licenses is accurate. While these organizations play crucial roles in setting ethical standards, providing resources and support for CPAs, and promoting the profession, the authority to issue or revoke CPA licenses primarily lies with state boards of accountancy. Each state board administers the licensing process according to its regulations and has the final say over licensing matters, including issuance and revocation.

The state boards operate independently and are responsible for the enforcement of compliance with state laws governing the practice of public accounting. This ensures that CPAs maintain their qualifications and adhere to professional standards. The AICPA and state societies can advocate for ethical behavior and enhance the profession, but they lack the legal authority to revoke licenses.