Academic journal article Journal of Accountancy

The AICPA Professional Ethics Executive Committee (PEEC) Released Exposure Drafts of Revisions to Guidance regarding the AICPA Code of Professional Conduct (the Code)

Academic journal article Journal of Accountancy

The AICPA Professional Ethics Executive Committee (PEEC) Released Exposure Drafts of Revisions to Guidance regarding the AICPA Code of Professional Conduct (the Code)

Article excerpt

The AICPA Professional Ethics Executive Committee (PEEC) released exposure drafts of revisions to guidance regarding the AICPA Code of Professional Conduct (the Code). The EDs make clarifying revisions to an ethics ruling under Rule 301, Confidential Client Information, and to two interpretations and one ethics ruling under Rule 101, Independence.

The proposed revisions to the ethics ruling under Rule 301 indicate that if client information that is not in the public domain or available to the public, such as statistical information and other data, is shared with a third-party on a "no-name" basis for research or benchmarking purposes, it would be considered a breach of confidentiality unless the member received the client's consent. To provide further clarification into what information would be considered confidential client information, the PEEC is proposing a new definition to section 92 of the Code.

Proposed revisions to the "Application of the Independence Rules to Covered Members Formerly Employed by a Client or Otherwise Associated with a Client" section of Interpretation 101-1 are intended to make clear that individuals on the attest engagement and individuals in a position to influence the attest engagement that were formerly employed by or associated with a client also need to disassociate from the client. …

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