AICPA proposes, adopts ethics guidance.The Institute's Professional Ethics professional ethics, n the rules governing the conduct, transactions, and relationships within a profession and among its publics. professional ethics liability, n 1. Executive Committee (PEEC PEEC Pocono Environmental Education Center (Pennsylvania) PEEC Partial Element Equivalent Circuit PEEC Programmed Escape from the Evolution of Cancer PEEC Provincial Environmental Education Centers ) issued an exposure draft (ED) (www.aicpa.org/download/ethics/2005_0915_ed_int101-1.pdf) proposing an independence standards revision that would require members to use the risk-based approach described in A Conceptual Framework For the concept in aesthetics and art criticism, see . A conceptual framework is used in research to outline possible courses of action or to present a preferred approach to a system analysis project. for AICPA Independence Standards (www.aicpa.org/download/ethics/AICPA_Draft_Conceptual_ Framework_FINAL.pdf) when considering whether a member-client relationship not specifically addressed by the Code of Professional Conduct "would lead a reasonable person aware of all the relevant facts to conclude that there is an unacceptable threat to the member's and the firm's independence." In addition, if the threat to independence is not at an acceptable level--as described in the framework--the proposal requires members to document the threat and the safeguards applied. Another exposure draft from the PEEC proposes two new interpretations (www.aicpa.org/download/ethics/2005_0915_ed_indemn.pdf) under Rule 101, Independence (www.aicpa.org/about/code/et_100.html). The first proposal provides guidance on the impact that certain indemnification and limitation of liability provisions may have on a member's independence when they are included in engagement letters or other client agreements. The second proposal provides guidance on the impact on a member's independence associated with rendering litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and forensic accounting Forensic accounting, sometimes called investigative accounting, involves the application of accounting concepts and techniques to legal problems. Forensic accountants investigate and document financial Fraud and white-collar crimes services to attest To solemnly declare verbally or in writing that a particular document or testimony about an event is a true and accurate representation of the facts; to bear witness to. To formally certify by a signature that the signer has been present at the execution of a particular writing so as clients. Comments on both EDs are due December 16, 2005. The PEEC also adopted a new ethics interpretation, 101-15, "Financial Relationships" (www.aicpa.org/download/ethics/interp101_1.pdf), that defines the terms financial interest, direct financial interest and indirect financial interest as used in Ethics Interpretation 101 under Rule 101 (AICPA, Professional Standards, volume 2, ET section 101.01) and provides guidance on determining whether financial interests should be considered direct or indirect. |
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