AICPA Committee Issues Revised Exposure Draft on Independence Requirements for Governments
The Professional Ethics Executive Committee of the American Institute of Certified Public Accountants (“AICPA”) has issued a revised exposure draft on the independence requirements for state and local governments. Published as Proposed Interpretation: State and Local Government Client Affiliations (formerly Entities Included in State and Local Government Financial Statements) , the exposure draft features significant changes to the original July 2017 proposal, which aims to replace current interpretive guidance in “Entities Included in State and Local Government Financial Statements.” The AICPA is proposing the amendments to address concerns regarding an accountant’s independence on a financial statement attest client that is a state or local government entity. Since existing interpretation does not specify when accountants should review the “Conceptual. Read More.