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Independence rules comparison: AICPA and DOL. The AICPA Professional Ethics Division has prepared the following summary to assist plan auditors in understanding the most common independence rules that affect auditors of employee benefit plans.
Jan 1, 2019 · Independence is commonly accepted as foundational to auditing and has been the subject of significant public discussion and debate for more than a century. While a great deal of regulatory effort has been expended in addressing auditor independence, these efforts and the resultant rule changes have often been met with criticism.
Jul 1, 2022 · Articles, Assurance. What Does Auditor ‘Independence’ Mean? In the spirit of Independence Day, it’s a good time to review the rules for auditor independence. If you discover potential issues now, there’s still plenty of time to take corrective action before next year’s audit begins. Definition Of Independence.
compromised. What about those “other” services? These definitions reflect the long-standing. According to AICPA Independence Rule, .05 101- professional requirement that members who provide services to entities for which 3-Performance of other services: .
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- Introduction
- The Auditor Independence Framework of Rule 2-01(B) of Regulation S-X
- OCA’s Approach to Auditor Independence Consultations
- Certain Recurring Issues in Recent Oca Staff Auditor Independence Consultations
High-quality audits are critical to the process of providing decision-useful financial information for the benefit of investors, and auditors serve an important gatekeeping and investor protection function by helping to ensure that issues are promptly identified and addressed. The Commission has long-recognized that audits by professional, objectiv...
The general standard of Rule 2-01(b) is the heart of the Commission’s auditor independence rule. This general standard is grounded in the auditor’s objectivity and impartiality, and is measured by reference to the reasonable investor standard: “[t]he Commission will not recognize an accountant as independent, with respect to an audit client, if the...
Through its long-standing consultation process, OCA staff assist accountants, registrants, and audit committees with interpretation of, and compliance with, the Commission’s auditor independence rule.We believe that this consultation process promotes greater consistency in the application and interpretation of the Commission’s auditor independence ...
We frequently engage in external dialogue, including in our auditor independence consultations, with audit committees, auditors, and registrants.Based on such dialogue, OCA staff have seen situations that reflect loosening attitudes toward the Commission’s general standard of auditor independence in a few notable areas. The first, which we discusse...
The purpose of the AICPA Plain English Guide to Independence is to help you understand independence requirements under the AICPA Code of Professional Conduct (the code) and, if applicable, other rule-making and standard-setting bodies.
INTRODUCTION. What is independence? What should I do if no specific guidance exists on my particular independence issue? When is independence required, and who sets the rules? In addition to the AICPA, who else sets independence rules? APPLYING THE RULES—COVERED MEMBERS AND OTHER FIRM PROFESSIONALS . How do the independence rules apply to me?
