AICPA Professional Ethics Exec Cmt (PEEC) Highlights - Nov 2017

The AICPA Professional Ethics Executive Committee (PEEC) held an open meeting last week via conference call to discuss (among other things) a few open rule proposals and the work of the Information Technology and Cloud Services Task Force, which are described below: 

Long Association with an Attest Client (proposed new interpretation): The PEEC agreed that the Task Force should determine whether the proposed guidance could be incorporated into a nonauthoritative document.

Noncompliance with Laws and Regulations (NOCLAR - proposed new interpretation): The PEEC agreed to reconstitute the  NOCLAR Task Force, which will include some observers from the NASBA (National Association of State Boards of Accountancy). 

Information Technology and Cloud Services Task Force: The PEEC asked the Task Force to continue working on its proposed revisions to the Code's Information Systems Services interpretation by defining the term "financial information system" and adding examples of post-implementation activities, particularly the types of activities that would impair independence.

The PEEC's agenda is available here. The next open meeting will be held February 13-14 in Nashville, TN.