Auditing and Financial Management:
May 20, 2003, letter commenting on the AICPA's March 19, 2003, exposure draft of professional ethics, interpretations, and rulings
Published: May 20, 2003. Publicly Released: May 20, 2003.
We congratulate the Professional Ethics Executive Committee on its efforts to strengthen AICPA independence rules related to performing non attest services. We are particularyly pleased that the proposed rules include the following changes: (1) Incorporating by reference the nonattest services rules of other authoritative bodies, including those of the U.S. General Accounting Office, where a member is required to be independent under the applicable rules. (2) Strengthening the general requirements for members performing nonattest services for attest clients or entities, as well as strengthening the specific requirements for certain nonattest services. (3) Requiring members to evaluate the client's ability to make an informed judgment on the results of teh nonattest services.