The AICPA Professional Ethics Executive Committee (PEEC) approved revisions to the "Section 529 Plans" interpretation of the Code of Professional Conduct's "Independence Rule.” The revisions affect members in public practice and go into effect Saturday, May 31.
Commenters on PEEC's 2021–2023 strategy and work plan had concerns about monitoring challenges and independence threats related to an account owner's financial interest in Sec. 529 savings plans.
After research and consultation, PEEC determined that the account owner's interest in the savings plan's underlying investments constitutes an indirect financial interest, rather than a direct one. Read more.