The AICPA said Wednesday, Feb. 5, that it’s considering revising its independence rules due to the increasing prevalence of private equity investment in accounting firms.
A task force of the AICPA’s Professional Ethics Executive Committee (PEEC) is seeking public comments on its preliminary conclusions about updating independence rules related to alternative practice structures.
PEEC’s Alternative Practice Structures Task Force will ask stakeholders to weigh in on its conclusions and two interpretation options once it posts a discussion memorandum, likely later this month.
Of the top 30 largest public accounting firms by revenue in the U.S., at least 11 have received private equity backing. The PEEC task force will accept comments through Sunday, June 15, on its preliminary conclusions and draft interpretation option. Learn more.