NASBA Extends Comment Period on PE Task Force White Paper to February 28, 2026

The National Association of State Boards of Accountancy (NASBA) has released a white paper developed by its Private Equity Task Force (PE Task Force) titled “Alternative Practice Structures & Private Equity: Considerations and Questions for Boards of Accountancy.” 

The white paper examines the rapidly growing trend of private equity (PE) investment in the accounting profession and its implications for the regulatory responsibilities of State Boards of Accountancy. It offers background, analysis, and discussion questions to assist boards and policymakers in evaluating how evolving ownership and firm structures may affect public protection, auditor independence, and professional standards.

Purpose and Key Themes

The PE Task Force was established to assess the potential impacts of PE investment in CPA firms and to support state boards in understanding and addressing related regulatory challenges.

The white paper provides:

• A background on Board of Accountancy regulation of CPAs and CPA firms
• An overview of alternative practice structures used in CPA firms with PE investments
• Three key areas of focus for Boards of Accountancy: Independence and professional standards, disclosure and public understanding, and regulatory oversight and enforcement.

The document outlines core questions in each area to guide discussion among boards, regulators, and other stakeholders.

Call for Feedback

NASBA is inviting feedback and comments from State Boards of Accountancy and other stakeholders on the topics and questions presented in the white paper.

Comments are requested by February 28, 2026, and may be submitted to: petaskforce@nasba.org. 

Feedback received will inform the PE Task Force’s ongoing work and may contribute to future recommendations.