Ethics Proposal: Public Interest Entities

Ethics Proposal: Public Interest Entities

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.

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.