New Ethics Interpretation: Compliance Audits

New Ethics Interpretation: Compliance Audits

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.

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.

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.

Ethics Exposure Draft: Accounting Standards Implementation Services

Ethics Exposure Draft: Accounting Standards Implementation Services

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.

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