AICPA provides Department of Labor with comments on auditor independence rules.
Specifically, the AICPA recommended the DOL adopt an approach to establishing independence rules and guidelines that is based on a comprehensive framework and set of risk-based principles, and establish a process to ensure that such independence rules and guidelines continue to be interpreted and updated as may become necessary. The AICPA also encouraged the DOL to incorporate the Institute's independence rules and conceptual framework as the foundation for its independence rules for ERISA audits. AICPA member firms audit the vast majority of the over 70,000 plans required to have an annual audit under ERISA. All AICPA member firms that audit ERISA plans must comply with the AICPA Code of Professional Conduct including the independence rules therein, as well as the Department's independence rules. The AICPA comment letter is available from the Employee Benefit Plan Audit Quality Center Web site at www.aicpa.org/ebpaqc (News and Other Communications).
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||regulatory matters|
|Date:||Feb 1, 2007|
|Previous Article:||AICPA comments on deductibility of health insurance premiums, controlled foreign corporation look-through provision.|
|Next Article:||AICPA invites proposals for management accounting research grants.|