Breach of Independence Interpretation Proposal Released
Earlier this week, the American Institute of Certified Public Accountants’ Professional Ethics Executive Committee (“PEEC”) issued an exposure draft for Interpretation No. 101-20, “Breach of an Independence Interpretation” and a revised version of ET Section 91, “Applicability.” Open for public comments, the proposed guidance will assist auditors in reviewing and addressing the effects of breaching an independence interpretation. Per the proposal, the PEEC believes that public interest is not considered when a firm is required to withdraw from an attest engagement caused by an independence interpretation breach if the impact is such that the attest engagement team’s integrity, objectivity, and. Read More.
AICPA Issues Updated Code of Professional Conduct
Modified as part of its Professional Ethics Executive Committee’s (“PEEC”) codification project and for easier usage, the American Institute of Certified Public Accountants (“AICPA”) has issued a revision of its Code of Professional Conduct . Released on May 20th, the updated code is split into three sections that separately apply to public accountants, business accountants, and all other accountants, including those who are retired or unemployed. The AICPA recommends accountants with multiple roles to check all applicable parts of the code and utilize the most restrictive requirements. Approved by the PEEC earlier this year, the updated Code of Professional Conduct takes effect December 15th.. Read More.