Statements of Position



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These proposed Statements on Responsibilities in Personal Financial Planning Practice (SRPFPs) are intended to provide guidance to members of the AICPA who perform personal financial planning services. The proposed SRPFPs are advisory and do not constitute enforceable technical standards under rule 202 of the AICPA Code of Professional Conduct. The proposed SRPFPs do not supersede Statements on Standards for Accounting and Review Services, Statements on Responsibilities in Tax Practice, the Personal Financial Statements Guide, or the Guide for Prospective Financial Statements. The issuance of these exposure drafts was approved by the PFP Executive Committee. Working With Other Advisers This proposed SRPFP provides guidance to CPAs who use the advice of other advisers or refer a client to other advisers in connection with personal financial planning engagements. It provides guidance on engagement scope limitations, selecting other advisers, using advice provided by other advisers, and recommending other advisers to clients. The proposed SRPFP recommends that CPAs disclose limitations that have been placed on the scope of engagements. Sample disclosures are contained in the proposed SRPFP. Implementation Engagement Functions and Responsibilities This proposed SRPFP defines implementation as taking action on personal financial planning decisions, explains how CPAs may assist in implementation, and indicates that implementation is typically completed when all recommended products are acquired or services rendered. The proposed SRPFP provides guidance on planning implementation engagements, communicating with clients, establishing selection criteria, participating in the selection process, and implementing planning decisions developed by others. The proposed SRPFP recommends that CPAs disclose the limitations that have been placed on the information used or the work performed in developing recommendations and contains a sample disclosure. The appendixes to the proposed SRPFP include a flowchart explaining how CPAs might assist in implementation and illustrations of situations in which a CPA has been engaged by a client to implement personal financial planning decisions to purchase disability insurance and to invest funds for postretirement needs.

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Finance, Personal -- United States -- Accounting; Financial planners -- United States; Investment advisors -- United States


Accounting | Taxation


Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed statements on responsibilities in personal financial planning practice : Working with other advisers : Implementation engagement functions and responsibilities;Working with other advisers;Implementation engagement functions and responsibilities; Exposure draft (American Institute of Certified Public Accountants), 1993, May 10



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