AICPA, state societies urge CPA exemption from Federal Trade Commission "Red Flags" rule.

In late July, the Federal Trade Commission announced it was postponing enforcement of its "Red Flags" rule from Aug. 1 to Nov. 1. The rule's goal is to deter identity theft and is mandated by the Fair and Accurate Credit Transactions Act of 2003. It requires "financial institutions" and "creditors" to implement programs to detect, prevent and mitigate identity theft. In light of concerns about the rule's broad application and its possible impact on CPAs and small business, the AICPA on Aug. 4 sent a...

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