Information System Services Ethics Update

Information System Services Ethics Update

The Professional Ethics Executive Committee (PEEC) of the AICPA has postponed the implementation of the Information System Services Interpretation an additional year. In addition, PEEC has also provided a new practice aid. The interpretation will now be effective in January 2023.

Temporary Policy Statement Related to the USERRA

Temporary Policy Statement Related to the USERRA

The AICPA’s Professional Ethics Executive Committee (PEEC) has issued a Temporary Policy Statement Related to the Uniformed Services Employment and Reemployment Rights Act (USERRA) and parallel state statutes. They are providing an exception to the simultaneous employment requirements, assuming certain qualifications are met, for employees who provide services to the military and are also serving in the armed forces. The temporary policy is effective until rescinded by PEEC.

Ethics Revised Exposure Draft: Unpaid Fees

Ethics Revised Exposure Draft: Unpaid Fees

The AICPA’s Professional Ethics Executive Committee (PEEC) has issued a proposal to revise the rules around unpaid fees. The current rules use a one year period with no considerations of materiality. The proposal would move to a principles based approach with a threats and safeguards application. Comments are due December 20, 2021.

IESBA Ethics Changes

IESBA Ethics Changes

The International Ethics Standards Board for Accountants® (IESBA®) has issued two new ethics standards. The first addresses fee-related prohibitions. Firms may not permit the audit fee to be influenced by the provision of services other than the audit to the audit client. In addition, they revised the non-assurance services rules to clarify the circumstances in which firms may provide nonassurance services to an audit or assurance client.

X