Clarifying the new GAO standards.

• Position: PCPS Update

Do you have questions about how the new GAO independence standards will affect your firm? Over the past few months, the PCPS Technical Issues Committee closely evaluated some of the more ambiguous components of the new standard and, along with other AICPA committees, submitted questions to the GAO, requesting an interpretation of the new rules. The GAO's response and the complete Q&A are now available on the Web.

The document answers questions regarding the underlying concepts of the new independence standards. It also addresses questions regarding whether a CPA firm is in compliance with the new standards if it provides such services as:

* Tax return preparation

* Bookkeeping services and...