Ethics Committee revises nonattest independence rules.The AICPA'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 recently revised rules that clarify the general requirements of those who provide nonattest 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 for maintaining independence. Practitioners must now document their understanding with the client once the practitioner practitioner /prac·ti·tion·er/ (prak-tish´un-er) one who has met the requirements of and is engaged in the practice of medicine, dentistry, or nursing. nurse practitioner see under nurse. has assessed the client's willingness and ability to perform all management functions related to the engagement. More restrictive rules were adopted for certain valuation, appraisal and actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin services, as well as for some types of information technology-related services. The revised rules take effect Dec. 31, 2003, but a transitional provision allows members to complete agreements to perform services if the engagement: * Was in existence Dec. 31; * Is in compliance with the pre-existing Adj. 1. pre-existing - existing previously or before something; "variations on pre-existent musical themes" pre-existent, preexistent, preexisting antecedent - preceding in time or order rule; and * Will be completed by Dec. 31, 2004. To view the release, visit www.aicpa.org/pubs/cpaltr/oct2003/nonattest.htm. |
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