Feb 20, 2025 | Ethics
On December 16, 2024 the AICPA’s Professional Ethics Executive Committee (PEEC) issued proposed revisions related to simultaneous employment or association with an attest client. Key changes from this exposure draft include a new definition of being simultaneously employed or associated with the client, as well as the addition of a new exception to the rules for USERRA/compliance with employment laws. In addition, the proposed revised interpretation uses both a rules-based approach and a principles-based approach in making determinations regarding independence. Comments are due March 16, 2025.
Nov 21, 2024 | Auditing, Ethics
Private equity is shaking things up in the audit world! With more PE money flowing into firms, we’re facing big questions about independence, ethical standards, and service quality. As the industry evolves, it’s crucial that YOUR voice is heard! That’s why NASBA is conducting a survey to gather feedback from professionals like YOU. Your insights will help shape how we navigate these changes and ensure the highest standards of integrity in our field.
Oct 10, 2024 | Ethics
The AICPA has proposed changes to the independence guidance for 529 plans. The original interpretations has deemed 529 plans to be direct financial interests. Due to changes in how plans are run and the types of plans, PEEC has reconsidered this position and is now proposing treating 529 savings plans as indirect financial interests. Comments are due October 30th.
Jun 22, 2023 | Ethics, Genuine Learning
The AICPA’s Professional Ethics Executive Committee (PEEC) has proposed a new definition of publicly traded company and has revised the definition of public interest entity as part of their IESBA convergence. The definition explains when AICPA independence standards would apply and when related ethics standards like PCAOB and NAIC standards would apply. Comments are due September 15.
Jan 19, 2023 | Ethics, Genuine Learning
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.
