The SEC Practice Section (SECPS or the Section) was formed in 1977 as a voluntary membership organization within the AICPA with the objective of improving the quality of practice by CPA firms before the Securities and Exchange Commission. In recognition of the importance of such practice and the proven beneficial effects of participation in the SECPS program, on January 8, 1990, the AICPA membership adopted a bylaw amendment to require membership in the SECPS by firms that audit SEC clients, as defined by the SEC:

The SECPS was dissolved on December 31, 2003. As stated in the letter to managing partners of SEPCS member firms, dated December 1, 2003, the SECPS was restructed and replaced by the Center for Audit Quality.

The objectives of the Section were to achieve the following:

1. Improve the quality of practice by CPA firms before the Securities and Exchange Commission through the establishment practice requirements for member firms.
2. Establish and maintain an effective system of regulation of member firms by means of mandatory peer reviews, required maintenance of appropriate quality controls, and the imposition of sanctions for failure to membership requirements.
3. Supplement the peer review process by means of timely investigations by the Quality Control Inquiry Committee to mine whether alleged audit failures indicate a possible for corrective measures by the member firm involved.
4. Enhance the effectiveness of the Section's regulatory system through the monitoring and evaluation activities of an independent oversight board composed of public members referred to as the Public Oversight Board.
5. Provide a forum for development of technical information pertaining to SEC practice.

The SECPS was governed by an Executive Committee that established its general policies and oversaw its activities.