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 ).

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.