AICPA Issues Exposure Draft on Revised Interpretative Guidance
Prepared by its Professional Ethics Executive Committee (“PEEC”), the American Institute of Certified Public Accountants (“AICPA”) has released an exposure draft on potential revisions associated with the organization’s interpretative guidance for professional conduct. Issued on August 29th for public comment, Omnibus Proposal of Revised Interpretations proposes a limited exception to the interpretation of “client affiliate” under the Independence Rule, as well as the definition of “attest client” concerning a firm or individual completing an attest engagement. Per the proposal, the “client affiliate” limited exception would be used when an accountant’s independence is impaired due to an attest client being acquired. Read More.