Statements of Position

Title

Omnibus proposal of interpretations and rulings: Proposed interpretation 302-1: Meaning of the phrase "The Findings of Governmental Agencies" as stated in Rule 302 of the Rules of Conduct, Proposed interpretation 101-10: The effect on independence of relationships proscribed by Rule 101 with nonclient entities included with a member's client in the financial statements of a governmental reporting entity, Ruling No. 63 under ET section 191: Review of prospective financial information--Member's independence of promoters, Ruling No. 64 under ET section 191: Joint investment with a Promoter or general partner;Proposed interpretation 302-1: Meaning of the phrase "The Findings of Governmental Agencies" as stated in Rule 302 of the Rules of Conduct;Meaning of the phrase "The Findings of Governmental Agencies" as stated in Rule 302 of the Rules of Conduct;Proposed interpretation 101-10: The effect on independence of relationships proscribed by Rule 101 with nonclient entities included with a member's client in the financial statements of a governmental reporting entity;Effect on independence of relationships proscribed by Rule 101 with nonclient entities included with a member's client in the financial statements of a governmental reporting entity,The;Ruling No. 63 under ET section 191: Review of prospective financial information--Member's independence of promoters;Ruling No. 64 under ET section 191: Joint investment with a Promoter or general partner; Exposure draft (American Institute of Certified Public Accountants), 1985, May 17

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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.

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.

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

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