June 23, 2016 RECENT DEVELOPMENTS
An AICPA Exposure Draft proposing a new independence interpretation on hosting services was released in May 2016. Interested parties have until July 18, 2016 to comment. The proposal would deem situations where a member is engaged to have custody or control of an attest client’s data or records used in its business operations to create a management responsibility that impairs independence. Examples of situations that create / do not create insurmountable threats to independence are provided.