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
). 
