As part of the ongoing effort to align the AICPA Code of Professional Conduct with international standards, the Professional Ethics Executive Committee (PEEC) is seeking feedback on proposed changes.
PEEC’s effort to substantially converge the AICPA Code with that of the International Ethics Standards Board for Accountants sometimes results in new or revised interpretations of the rules. Other times, convergence is as simple as changes to definitions. The proposal revises the definition of “public interest entity” and adds a new definition for “publicly traded entity.”
To avoid complexity and inconsistencies, the proposal suggests deferring to relevant U.S. regulators for specific independence requirements. Comments are due to ethics-exposuredraft@aicpa.org by Friday, Sept. 15. See the proposed changes.