The AICPA Professional Ethics Executive Committee (PEEC) has released an exposure draft of proposed revisions to the AICPA Code of Professional Conduct.
The exposure draft is the first of a five-phase approach to clarify independence requirements for engagements subject to the Statements on Standards for Attestation Engagements (SSAEs).
To clarify the guidance, PEEC is proposing the following changes in phase one of the process:
- New definition and related revisions
- Revisions to reflect application to SSAE engagements
- Examples for SSAE engagements
The proposed revisions in this phase do not change the intended application of current requirements. PEEC will accept comments on the exposure draft through Friday, Sept. 5.