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AICPA Committee Proposes Interpretation for Long Association

As part of its convergence project with the International Ethics Standards Board for Accountants, the American Institute of Certified Public Accountants’ (“AICPA”) Professional Ethics Executive Committee has released the exposure draft, Proposed Interpretation –Long Association of Senior Personnel With an Attest Client). The proposal concerns independence threats when an attest client has a long association with senior personnel. The Committee’s proposed Interpretation would state that an AICPA member’s lengthy inclusion among the attest engagement team’s senior personnel could cause a familiarity threat with the attest client. The familiarity threat could also extend to the team’s operations, senior management of the. Read More.

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