On March 15, 2023, the AICPA’s Professional Ethics Executive Committee (PEEC) issued an exposure draft relating to fees. The exposure draft includes new interpretations for determining fees for an attest engagement and new fee dependency interpretations, as well as a revised conceptual framework for independence interpretation and revised client affiliates interpretation. Comments are due by June 15, 2023.
The AICPA’s Professional Ethics Executive Committee (PEEC) has issued an exposure draft to make falsifying attendance records or sharing answers (when not permitted) in CPE an act discreditable to the profession. This expands the rules around sharing answers or requesting answers to the CPA Exam. Comments are due by May 15.
The AICPA’s Professional Ethics Executive Committee (PEEC) has issued a new ethics interpretation around Compliance Audits. The interpretation adds two new definitions and revises a third definition. In addition, several Q&As were added to provide context for the application of the independence rules for these engagements.
We kick off 2023 with a look at the final standards that were issued by the FASB, GASB and AICPA throughout 2022. We’ll give an executive overview of what was issued and how it may impact financial reporting, auditing and ethics.
The AICPA has issued 3 new question and answers around the implementation of the new Information System Services interpretation which will be effective in January 2023. The interpretation has been delayed twice – first due to COVID and then due to concerns around implementation. During the 2022 ENGAGE conference, AICPA staff members met with concerned individuals to better understand the concerns and the Q&As address some of the larger concerns noted.
Melisa F. Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting.
Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI. She also supports essential professional development, audit level training, and train the trainer efforts.
Melisa is a Certified Speaking Professional, a Certified Professional in Talent Development (CPTD), and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers.
She also serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the AICPA’s Women’s Initiative Executive Committee (WIEC). She also serves as a Subject Matter Expert for the Center for Plain English Accounting. She previously served on the AICPA’s Technical Issues Committee (TIC), the VSCPA’s Board of Directors, and is a past Chair of the NCACPA’s A&A committee. In addition, Melisa is the author of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting which is available on Amazon or anywhere you purchase books online.
Melisa received a Top 50 Women in Accounting Award in 2021 by Ignition, is a 2020 Enterprising Women of the Year Award recipient, and was honored as a “40 under 40” by CPA Practice Advisor in 2017, 2018, and 2019. She was also named the 2019 Rising Star by her regional NAWBO chapter, received the Don Farmer award for achievement in technical content instruction, and earned several other awards for public speaking and technical training.
