American Institute of Certified Public Accountants (AICPA) is the national professional organization of certified public accountants in the United States, with more than 418,000 members in 143 countries in business and industry, public practice, government, education, student affiliates and international associates. It sets ethical standards for the profession and U.S. Auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It also develops and grades the Uniform CPA examination.

The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public’s interest.

Discuss the role that the AICPA will play in your accounting career as a student and when you join the profession. How would you characterize the current relationship between the FASB and the AICPA?