FYI


FYI

In order to modernize the profession’s rules on independence, the AICPA professional ethics executive committee adopts revisions to the financial interest and family relationship provisions under rule 101, Independence . The new requirements, which take an engagement-team-focused approach to independence, apply to all parties that are in a position to influence the engagement—an interpretation the SEC and the International Federation of Accountants support. Further, the committee adopts revisions to an interpretation under the statements on standards for attestation engagements (SSAE) permitting a modified application of rule 101 for certain engagements in which restricted-use reports are required ( www.aicpa.org/members/div/ethics/adopt.htm ).

The SEC seeks to fill four professional accounting fellow positions in the Office of the Chief Accountant. During their two-year terms, which will commence in June 2002, successful candidates for these positions will study and develop rule proposals under federal securities laws, interact with professional accounting standard setters and advise registrants on accounting and financial reporting issues. Applications are due by December 14, 2001 ( www.sec.gov/news/press/2001-82.txt ).

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QUIZ

News quiz: Senate health care bill in the spotlight

Reports related to the Republican bill to repeal many provisions of the PPACA, other tax issues, and the giant AICPA ENGAGE Conference offered a diverse reading list for June. See how much you know about recent news with this short quiz.