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AICPA issues ED for statement on PFP responsibilities.

The American Institute of CPAs issued an exposure draft of the first Statement of Responsibilities in Personal Financial Planning Practice, Basic Personal Financial Engagement Functions and Responsibilities. The ED provides guidance for CPAs who are financial planners.

The proposed statement defines the scope of PFP and outlines the CPA's responsibilities in defining the engagement's objectives, planning appropriate procedures, developing and communicating recommendations, assisting clients in acting on decisions reached, monitoring the client's progress in achieving objectives and updating objectives.

PFP Executive Committee Chairman Stuart Kessler said, "We think the responsibilities statement reflects the Institute's commitment to help members provide the highest-quality personal financial planning services."

A free copy of the ED (product no. 800025) is available from the AICPA order department, 1211 Avenue of the Americas, New York, New York 10036-8775. Telephone: (800) 334-6961 [(800) 2480445 in New York State].
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Title Annotation:personal financial planning
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Aug 1, 1992
Words:140
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