A new AICPA specialty credential in
forensic accounting will be launched in early
fall. The credential, Certified in Financial
Forensics (CFF), combines specialized forensic
accounting expertise with the core knowledge and
skills that make CPAs among the most trusted
business advisers, according to Robert Harris,
chair of the National Accreditation Commission.
“We anticipate the Certified in Financial
Forensics credential will further strengthen the
CPA’s role in a rapidly growing service area,” he
said. The CFF will encompass fundamental
and specialized forensic accounting skills that
CPA practitioners apply in a variety of service
areas, including:
Bankruptcy and insolvency
Computer forensics
Economic damages
Family law
Fraud investigations
Litigation support
Stakeholder disputes
Valuations To qualify, a CPA
must be an AICPA member in good standing, have at
least five years experience in practicing
accounting, and meet minimum requirements in
relevant business experience and continuing
professional education. For information, visit www.aicpa.org/fvs
.
The Professional Ethics Executive
Committee (PEEC) of the AICPA adopted a new ethics
requirement regarding indemnification and
limitation of liability provisions.
Regulators, including the SEC, state insurance
commissions and federal banking agencies, prohibit
organizations under their jurisdiction from
entering into certain types of indemnification and
limitation of liability provisions in agreements
for the performance of audit or other attest
services. The new interpretation by the PEEC
prohibits AICPA members from using their
provisions when contracting for audit and other
attest services if their employer or client is
subject to the requirements of one of these
regulators. “The purpose of this standard
is to remind practitioners of their responsibility
to comply with regulators,” said Susan Coffey,
AICPA vice president–member quality and state
regulation. “Current AICPA standards allow certain
indemnification and limitation of liability
provisions to be included in agreements for audit
and attest services. However, in cases where a
regulator’s requirements are more restrictive than
AICPA standards, our members must comply with the
more restrictive standard.” Failure to
comply with a regulator’s requirements on the use
of indemnification and limitation of liability
provisions will be considered an act discreditable
to the profession. The standard is effective July
31 and may be downloaded at www.aicpa.org/download/ethics/EDITED_Adopted_501_8_final.pdf
.
The Financial Accounting Foundation
(FAF) Board of Trustees named Teresa S. Polley
president and COO. Polley joined FASB in 1987 as a
technical associate and, among other positions,
served as executive director of advisory groups
for the organization. She had been interim COO for
several months. “We are delighted to
recognize Terri’s impressive leadership in naming
her as president and COO of the FAF,” Robert E.
Denham, FAF chairman, said in a news release. “For
20 years Terri has served the organization in a
variety of roles, adding value to everything she
has touched. Terri’s vision and passion for
excellence is the right prescription for the
challenges we face.”
Michigan and South Carolina have
passed full Uniform Accountancy Act (UAA) mobility
provisions, bringing the number of states with
such provisions to 25. Mobility legislation that
would make New Jersey UAA-compliant awaits the
governor’s signature. The following are
UAA-compliant states: Colorado, Connecticut,
Idaho, Illinois, Indiana, Iowa, Kentucky,
Louisiana, Maine, Maryland, Michigan, Minnesota,
Mississippi, Missouri, New Mexico, Ohio, Rhode
Island, South Carolina, Tennessee, Texas, Utah,
Virginia, Washington, West Virginia and Wisconsin.
For up-to-date information on mobility and
downloadable resource materials, go to www.aicpa.org/Legislative+Activities+and+state+licensing+Issues/Mobility+and+State+
Licensing+Issues . |