AICPA Releases New Definitions of "Client" and "Attest Client" and Related Changes to the Code

OCTOBER 17, 2017  RECENT DEVELOPMENTS

The AICPA's Professional Ethics Executive Committee (PEEC) posted the text of final revisions to two key terms used in the Code of Professional Conduct; Client and Attest Client.  Because these two terms are so pervasive to the Code, the release included numerous conforming and other changes to various parts of the Code.  The more significant changes, discussed in a previous blog post summarizing the proposal, relate to two interpretations in the Code, that is: "Records Requests" and "Disclosing Information to Persons or Entities Associated with Clients".  The PEEC also revised certain interpretations under the Fees and Other Types of Remuneration (1.500) topic of the Code.

The revisions in the AICPA rules release become effective on 12/31/17 unless otherwise noted.