Listen as Toni Lee-Andrews and staff of the AICPA Professional Ethics Division fill you in on what happened at this quarter's open meeting. 

You can find the full meeting agenda here. 

Topics include:

• Section 529 plans
• Private equity investment in firms
• Artificial intelligence
• Simultaneous employment
• Engagements subject to the SSAEs
• IESBA monitoring and international harmonization

If you're interested in IESBA's webinars on their sustainability exposure draft, you can read more about that and register here.

If you were unable to observe PEEC's 4Q meeting, you can listen to an overview from Toni Lee-Andrews and staff of the Professional Ethics Division. The 2-day meeting was packed with project updates and included PEEC's approval of changes to the Code of Professional Conduct related to public interest entities. 

IESBA sustainability

If you're a practitioner working in sustainability you'll want to pay close attention to IESBA's work in this area. They are planning to issue 2 exposure drafts in Q1 2024 related to sustainability and the use of experts. 

If adopted, these proposals could affect your work. Take time to check out agenda items 7 and 8A in PEEC's meeting materials for November. 

You have time to make a difference. Be sure to take advantage of that. 

PEEC will be discussing this again at the February 2024 meeting and you can register here to observe that meeting.

Did you miss this week's meeting of the Professional Ethics Executive Committee? Not to worry. You can catch the highlights here with Toni Lee-Andrews, director of the AICPA Professional Ethics Division and other staff. 

You'll hear mention of beneficial ownership information reporting and you can check out resources for that here. 

In the coming weeks, detailed meeting minutes will be available here. 

Don't forget: We offer free CPE when you observe PEEC meetings. Be sure to register for the November meeting. 

Listen as Toni Lee-Andrews, director of the AICPA Professional Ethics Division, and staff give you the highlights of this quarter's meeting of the Professional Ethics Executive Committee. 

Discussions include international convergence efforts, new proposed guidance on public interest entities, and simultaneous employment. 

You'll hear about outreach the division is conducting on simultaneous employment and if you'd like to participate in a survey or upcoming round table, email [email protected].

We love it when you're able to join us for meetings... but when you can't, we're happy to give you the highlights.

Listen as AICPA Professional Ethics Division staff fill you in on all the projects the Professional Ethics Executive Committee is currently working on.

Did you know we offer free CPE credits when you observe PEEC meetings? What a great way to get a few credits and stay current with PEEC's activities! Register here for upcoming meetings.

Resources mentioned in this episode

• IESBA Sustainability project page
• IESBA Use of Experts project page
• IESBA Tax Planning and Related Services exposure draft 
• IESBA Strategy and Work Plan Draft Consultation Paper

We love it when you're able to join us for meetings... but when you can't, we're happy to give you the highlights.

Listen as AICPA Professional Ethics Division staff fill you in on all the projects the Professional Ethics Executive Committee is working on.

• (00:55) Upcoming meetings
• (01:35) Compliance audits            
• (03:10) Convergence on the fees with IESBA (International Ethics Standards Board for Accountants)
• (04:15) Convergence on engagement quality reviewer with IESBA
• (04:50) Simultaneous employment
• (05:35) NOCLAR (noncompliance with laws and regulations)
• (06:25) ISS (information systems services)
• (07:25) Solicitation or exposure of questions and answers in self-exams
• (08:30) DOL independence rules update
• (08:55) Assisting clients with implementing accounting standards
• (09:25) Online Ethics Library update
• (09:55) IESBA update
• (12:10) Update on Statements on Standards for Tax Services
• (13:55) Private equity firms and alternative practice structures

Resources mentioned

• Agenda for the November meeting
• PEEC projects page
• Online Ethics library
• Register to attend upcoming meetings for free CPE

The busier we get, the more we tend to rely on bright lines to help us navigate the world around us. Easy rules to make work simpler. But as trusted advisers in a profession the public relies on, easy rules don’t always cut it for accountants. Sometimes, as Sarah Brack, CPA, says in this episode, you have to use that big brain in extraordinary ways.

As our profession transitions from a rules-based approach to a more principles-based approach, the AICPA is here to help.

Listen as we discuss the zeitgeist, the changing profession, and the help you can find in our ethics library when you need it.

AICPA resources

• Conceptual Framework for Independence
• Conceptual Framework for Members in Public Practice
• Conceptual Framework for Members in Business
• Toolkits – Look on this page for the list of interactive toolkits we discussed in the episode.
• Ethics hotline: 888.777.7077 (option 2 then option 3) or [email protected]

International resource

IESBA fact sheet: If you’re interested in diving deeper into how international standards are evolving, you can start with the International Ethics Standards Board for Accountants’ fact sheet on the role and mindset changes.

Winter is coming...  Are you overwhelmed with clients asking you to amend their 941s? And are you getting calls from businesses offering to help you out for a fee?

In this episode, Joan Farris and John Wiley, two CPAs on staff in the AICPA Professional Ethics Division, talk through some questions we’re getting on the hotline. What’s legit and what isn’t, what could put you at risk, not just of violating various codes of conduct, but of being the subject of a lawsuit when all is said and done?

You’ll want to listen in and check out the following resources.

AICPA resources

Take a learning dive into the code

• Contingent Fees Rule
• Commission and Referral Fees Rule
• Independence Rule

Call the hotline

You can reach the ethics hotline at

• 888.777.7077, option 2 then option 3
• [email protected]

You can reach the tax section at [email protected]

Listen to related episodes from the Tax Odyssey podcast:

• Reconciling ERC claims with reality: The state of ERC now (September 22, 2022)
• Q&A on ERC, tax legislation and IRS woes: Covers several legislative items, including ERC (June 30, 2022)
• Mythbust and maximize the employee retention credit: Take a deep dive into the ERC (June 7, 2022)
• ERC — What we know now: A look at guidance released in Aug. 2021 (August 11, 2021)
• Challenges with contingency fees and the ERC: A look at how contingent fee rules have evolved and how they relate to the ERC (June 9, 2021)

Other resources

• Exposure draft of the revised Statements on Standards for Tax Services
• Download: ERC: Fact or fiction?

You’re busy. Crazy busy — serving your clients, volunteering, taking care of your family and friends, and somewhere in all that, hopefully finding time for yourself. With everything else on your mind daily, you may not know the finer points of your ethical obligations when a client requests records from you.

Jennifer Clayton, CPA, and John Wiley, CPA, come to the rescue in this episode where we cover some dos and don’ts and examples, and give a high-level overview of records requests to point you in the right direction.

Just knowing that the AICPA Code of Professional Conduct (and indeed your state society and state board codes) have rules around this is helpful.

Next time the issue comes up and you have questions, you can always call us on the ethics hotline at 888.777.7077 (option 2 then option 3) or email us at [email protected]. John may even be the person you talk to!

If you have time and would like to dig deeper, here are some resources to help:

• Q&As on records requests
• Records Requests interpretation
• Acts Discreditable Rule
• Confidential Client Information Rule
• Interpretations under the Confidential Client Information Rule

Eagerly awaited changes to the DOL independence guidance for employee benefit plans are live in the Federal Register today.

Listen as Summer Young, CPA, currently a senior manager in the AICPA Professional Ethics Division and formerly a practicing EBP auditor, walks us through the history and changes.

Keep an eye on the Online Ethics Library for helpful guidance we'll be publishing and also be sure to check out the AICPA Employee Benefit Plan Audit Quality Center.

DOL resources

• Press release
• Interpretive bulletin
• Federal Register notice

Patches and the "discrete tool" exception... Important concepts when considering whether the help you're giving a client will impair your independence.

In this episode, Liese Faircloth and Iryna Klepcha, two CPAs on staff in the AICPA Professional Ethics Division, continue their discussion with Dan O'Daly, a managing director in Deloitte's independence office, about changes to the Code of Professional Conduct related to technology.

If you missed the first two parts of this discussion, look for episodes 57 and 58.

Related resources

• Information Systems Services interpretation
• ISS practice aid
• Nonauthoritative questions and answers regarding cybersecurity services
• Nonauthoritative questions and answers regarding information systems
• Internal Audit interpretation

Our confidential ethics hotline can be reached at 888.777.7077 then dial option 2, option 3

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