Independence and Ethics Alert 2007/08

This Independence and Ethics Alert informs you of recent developments in the area of independence and ethics for accountants—an area receiving increasing attention from regulators, investors, the news media, and others. Moreover, this alert helps you understand your independence requirements under the AICPA Code of Professional Conduct and, if applicable, certain other rule-making and standard-setting bodies. The alert includes a plain English digest of the AICPA Independence Rules.

This alert includes not only recent developments related to the AICPA independence rules, but also independence developments from the SEC, PCAOB, GAO, and DOL. Specifically, you will find an update on the revisions to Ethics Interpretation 101-3, “Performance of nonattest services.” The alert also discusses the impact of providing FIN 48 services to an attest client.

This publication is designed to provide illustrative information with respect to the subject matter covered. It does not establish standards or preferred practices. This document has not been approved, disapproved, or otherwise acted on by a senior technical committee of the AICPA.

Notice to Readers

This publication is designed to provide illustrative information with respect to the subject matter covered. It does not establish standards or preferred practices. The material has not been considered or acted upon by senior technical committees or the AICPA Board of Directors and does not represent an official opinion or position of the AICPA. It is provided with the understanding that the author and publisher are not engaged in rendering legal, accounting, or other professional services. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. The author and publisher make no representations,warranties, or guarantees as to and assume no responsibility for the content or application of the material contained herein and expressly disclaim all liability for any damages arising out of the use of, reference to, or reliance on such material.

Written by Catherine Allen, CPA
Edited by Christopher Cole, CPA, CFE
Accounting and Auditing Publications

Acknowledgments
The AICPA staff is grateful to Lisa Snyder, CPA, and Ellen Goria, AICPA Professional Ethics Division, for their significant and valuable contributions to the development of this alert.
Our special thanks to Catherine Allen who developed and wrote this alert.

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