AICPA Independence Rules Modernized.

• Position: American Institute of Certified Public Accountants - Brief Article

In an effort to modernize the profession's rules on independence, the Professional Ethics Executive Committee adopted revisions to financial interest and family relationship rules under Rule 101--Independence. The new rules embrace an engagement-team-focused approach to independence, which extend to those who can influence the engagement, an approach already supported by other independence standard-setters and regulators, such as the Securities and Exchange Commission and the International Federation of Accountants.

In...