The AICPA represents the CPA profession nationally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the profession’s technical and ethical standards.
The AICPA Professional Ethics Executive Committee adopts revisions to Interpretation No. 101-3, "Nonattest Services"
AICPA - 09/17/2013
The AICPA Professional Ethics Executive Committee (PEEC) has adopted revisions to Interpretation No. 101-3, Nonattest Services, under Rule 101, Independence, of the AICPA's Code of Professional Conduct. A new provision has been added to Interpretation 101-3 indicating that providing multiple non-attest services to an attest client could increase the significance of the threats to a member’s independence, despite the fact that, individually, the non-attest services would not impair independence under Interpretation 101-3.
ASEC releases white paper on independent, third-party assurance services
AICPA - 09/10/2013
The AICPA Assurance Services Executive Committee (ASEC) developed a new white paper, titled Assurance Services: A White Paper for Providers and Users of Business Information, to help educate providers and users of business information on the value and essential qualities of independent, third-party assurance services to increase confidence in reported information.
AICPA releases FAQs on application of Independence Rules for affiliates of employee benefit plans
AICPA - 09/3/2013
The AICPA has published frequently asked questions (FAQs) to help members better understand how the definitions and guidance provided in Interpretation No. 101-18, Application of the Independence Rules to Affiliates, apply to affiliates of employee benefit plans subject to the Employee Retirement Income Security Act (ERISA).
AICPA Ethics Division proposes guidance on conflict of interests
AICPA - 11/26/2013
The AICPA Professional Ethics Executive Committee (PEEC) has published for comments revised and new Interpretations under Rule 102, Integrity and Objectivity, to provide guidance to members in public practice and business concerning conflicts of interest. The proposals contain a description of a conflict of interest, require the member to take reasonable steps to identify circumstances that might create a conflict of interest, and require disclosure and consent while encouraging documentation of such disclosure and consent. The proposals are substantially equivalent to the IFAC's International Ethics Standards Board for Accountants’ (IESBA) related guidance. [Comments due - January 27, 2014]
ARSC proposes a framework for performing and reporting on compilation and review engagements
AICPA - 11/26/2013
The AICPA Accounting and Review Services Committee (ARSC) has issued a proposed Statement on Standards for Accounting and Review Services (SSARS) titled Framework for Performing and Reporting on Compilation and Review Engagements, resulting from its clarity project. The proposed SSARS provides a framework for performing and reporting on compilation and review engagements and sets forth the meaning of certain terms used in SSARSs when describing the professional requirements imposed on accountants performing compilation and review engagements. [Comments due - May 2, 2014]
PwC Comments on ASEC's proposed Trust Services Principles (TSP) and Criteria Exposure Draft
PwC - 10/8/2013
While overall we agree with ASEC's proposed restructuring and revised TSP and Criteria exposure draft, within our response we specifically highlighted and provided examples where some criteria could be further enhanced.