Ep. 37: PEEC's 1Q 2022 meeting — Approval of changes to the Code of Professional Conduct

Ethically Speaking

Listen as ethics division staff give an update on PEEC’s meeting. The committee approved several changes to the Code of Professional conduct in the following areas:

• Noncompliance with laws and regulations
• Unpaid fees
• Assisting clients with implementing accounting standards
• Loans, acquisitions, and other transactions

Visit PEEC’s project page for documents related to all of these and expect to see the final pronouncements on that page soon.

Other projects

There are lot of other updates as well, and here’s a list of projects mentioned in the episode:

• Practice aid: Independence considerations for information system services
• Quiz: Ethical standards to consider when accepting or continuing an attest engagementin the Journal of Accountancy
• 2021 Plain English Guide to Independence
• Q&A related to applying the affiliate definition and client affiliates interpretation to individuals (FAQs: General ethics)

Acronyms mentioned in this episode

We slipped some acros in without explanation, so in case you're wondering, here's a list of those:

• USERRA – Uniformed Services Employment and Reemployment Rights Act
• SSAE – Statements on Standards for Attestation Engagements
• IESBA – International Ethics Standards Board for Accountants
• ISQM – International Standards for Quality Management
• PIOB – Public Interest Oversight Board
• IFAC – International Federation of Accountants

If you have comments or ideas for future episodes, email us at [email protected]