The American Institute of Certified Public Accountants’ (“AICPA”) Professional Ethics Executive Committee (“PEEC”) has updated Interpretations under its Independence Rule. The revised Interpretations include the following:
- Entities Included in State and Local Government Financial Statements (ET sec. 1.224.020)
- Simultaneous Employment or Association With an Attest Client (ET sec. 1.275.005)
- Member of a Credit Union (ET sec. 1.280.040)
- Actual or Threatened Litigation (ET sec. 1.290.010)
- General Requirements for Performing Nonattest Services (ET sec. 1.295.040)
- Bookkeeping, Payroll, and Other Disbursements (ET sec. 1.295.120)
- Executive or Employee Recruiting (ET sec. 1.295.135)
- Forensic Accounting (ET sec. 1.295.140)
- Internal Audit (ET sec. 1.295.150)
- Application of the Independence Rule to Engagements Performed in Accordance with Statements on Standards for Attestation Engagements (ET sec. 1.297.010)
The PEEC also updated the following definitions:
- Attest client
- Client
- Closely held investment
- Key position
- Period of the professional engagement
- Public interest entities
