PEEC Conforming Amendments

PEEC Conforming Amendments

The AICPA’s Professional Ethics Executive Committee (PEEC) has proposed changes to a few interpretations to align the verbiage around ownership with previously issued interpretations related to loans. The proposed changes address three sections of the ethics code. Comments are due July 5.

Ethics Interpretation Proposal: Compliance Audits

Ethics Interpretation Proposal: Compliance Audits

The AICPA’s Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID-19 related funding is causing many entities who have no been subject to audit requirements or single audit requirements historically to now be subject to them. They add 2 definitions and revise the definition of financial statement attest client to help identify which independence rules apply to these engagements. Comments are due September 1, 2022.

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 The temporary policy is effective until rescinded by PEEC.

X