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.
The AICPA has issued a proposal to update key terminology and certain ethics interpretations to better align with changes made by the SEC. The AICPA issued a temporary enforcement policy earlier this year. The goal is for this proposal to make the needed alignments. Comments are due January 5, 2022.
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.
The AICPA has issued a proposed ethics interpretation to help CPAs understand to what extent they can assist clients with implementing new accounting standards. The proposal identifies certain items as being nonattest services for which the normal rules for nonattest services would apply – management having SKE, management accepting responsibility, etc. On the other hand, it also identifies prohibited nonattest services the CPA can not perform without impairing independence. Comments are due December 20, 2021.
The AICPA has issued a Technical Q&A to address common questions regarding what qualifies as a third party assessment and which standards including independence should be applied by the third party. The TQA provides guidance on what qualifies as a TQA, which independence rules apply and which standards can be used by CPAs.