... Performed by Other Independent Auditors [AICPA, Professional Standards, vol. 1, AU sec. 543], and...302-1, "Contingent fees in tax matters," under Rule 302, Contingent F...
The American Institute of Certified Public Accountants (AICPA) agreed to improve its ethical standards on accepting commissions and contingent fees in the 1989 court settlement between AICPA and FTC. Although the FTC won its case, its present aim to interfere in the state accountancy boards' affairs is an ambitious goal. State legislations dictate that licensed accountants are regulated by state boards of accountancy. Thus, FTC has no right meddling with its affairs.
... Institute of Certified Public Accountants ("AICPA") Code of Professional Conduct prohibits AICPA mem... in public practice from receiving contingent fees for any professional services, including audits or...
... Institute of Certified Public Accountants ("AICPA"), and adopted an improper presumption in concludi...[] an auditor from `perfor[ming] for a contingent fee any professional services for, or receiv[ing] ... 302 prohibiting the receipt of contingent fees. Second, it contends that it lacked fair notice th...
... Institute of Certified Public Accountants ("AICPA") Code of Professional Conduct prohibits AICPA mem... in public practice from receiving contingent fees for any professional services, including audits or...
...\2\ See AICPA Code of Professional Conduct, ET section (``sec.''...
Many CPA firms use engagement letters containing clauses that seek to minimize their exposure to legal liabilities for audits, reviews, compilations, and other professional services. In September 2006, the AICPA's Professional Ethics Executive Committee (PEEC) issued an exposure draft (ED) to interpret Rule 101 that updated a similar September 2005 exposure draft. In light of the comment letters and other evidence, the PEEC abandoned the exposure draft and, instead, issued Ethics Interpretation 501-8. This interpretation recognized that individual regulators have already adopted rules that restrict the use of certain clauses in audit or other attestation engagements. Mitigating risk through limited liability clauses is a complicated issue for US auditors. The AICPA's issuance of Ethics ...
... party in the legal disputes to pay legal fees, do not impair auditors' independence. The AICPA, ... where limiting auditor liability is contingent upon whether the client is public or nonpublic and...
... Institute of Certified Public Accountants (AICPA) has adopted the "Statement on Auditing Standards ... statements the value of the fiscal contingent liabilities which are above the threshold level of... and the auditor's dependence on the audit fees. As expected, the auditor's knowledge influences h...
American Institute of CPAs The AICPA report on regulation of accounting firms contained important changes affecting areas such as firm ownership and fee arrangements. The report's recommendations are geared to help CPAs best position themselves in the changing marketplace and will be codified as part of the Uniform Accountancy Act. The client fee changes would permit commissions and contingent fees to be paid to CPAs, while the ownership changes would permit simple majority ownership of firms by CPAs, a departure from the previous 100% and 66% ownership rules.
AICPA Tax Executive Committee
... Independence, Tax Services and Contingent Fees" available at www.aicpa.org/cpcaf/download/ A...
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