Professional Issues


The AICPA professional issues task force issues Practice Alert 2003-3, Acceptance and Continuance of Clients and Engagements, to give practitioners and their firms guidance on establishing policies and procedures for deciding whether to accept or continue a client relationship and whether to perform a specific engagement for that client ( www.aicpa.org/download/secps/pralert_03_03.pdf ). The alert discusses the following elements of an effective client acceptance program: availability of competent personnel; communication with predecessor accountants, including auditors; assessment of management’s commitment to the appropriate application of GAAP and implementing and maintaining effective internal controls; assessment of the entity’s financial viability; auditor independence and objectivity; inquiries of third parties and background investigations. The task force encourages AICPA member firms to incorporate the alert’s guidance as soon as practicable.

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Pronoun practice to help polish your prose

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