New ethics rule adopted on indemnification, limitation of liability.
In May, the Professional Ethics Executive Committee voted to adopt a new standard that tightens ethics requirements for AICPA members. Ethics Interpretation 501-8, "Failure to Follow Requirements of Governmental Bodies, Commissions or Other Regulatory Agencies on Indemnification and Limitation of Liability Provisions in Connection with Audit and Other Attest Services" (AICPA, Professional Standards, vol. 2, ET sec 501 par. 09), is effective July 31. Upon the interpretation's effective date, failure to comply with a regulator's requirements on the use of indemnification and limitation of liability provisions will be considered an act discreditable to the profession.
Regulators like the Securities and Exchange Commission, state insurance commissions and federal banking agencies presently prohibit organizations under...
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