Statements of Position

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Description

It is the position of the Professional Ethics Executive Committee that a "finding of a governmental agency" in tax matters results from the settlement of a controversy with the appropriate govenment agency. Proposed Interpretation 101-10 requires a member issuing a report on the combined financial statements of a governmental reporting entity to be independent of the oversight entity and each of the component units included in the report. The AICPA Professional Ethics Division has developed proposed Ruling No. 63, "Review of Prospective Financial Information--Member's Independence of Promoters," to clarify the independence requirements and provide guidance in applying them. Ruling No. 62 unde ET Section 191 provides guidance for joint investments when both the member and client are limited partners but does not focus on the relationship that involves the client (or an officer, director, or principal owner thereof) functioning as the promoter or general partner.

ISBN

ed85-05-17t

Publication Date

1985

Relational Format

Book

Keywords

Accountants -- Professional ethics -- Standards -- United States; Conflict of interests

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants; Exposure draft (American Institute of Certified Public Accountants), 1985, May 17

Omnibus proposal of interpretations and rulings: Proposed interpretation 302-1: Meaning of the phrase

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