- news
- News Digest
New FAQs and Q&As issued
Resources aid practitioners with PFP standards and American Land Title Association framework.
Please note: This item is from our archives and was published in 2015. It is provided for historical reference. The content may be out of date and links may no longer function.
TOPICS
New additions to a frequently asked questions (FAQ) resource provide nonauthoritative guidance to help practitioners who practice in the areas of estate, retirement, risk management, and investment planning to comply with Statement on Standards in Personal Financial Planning Services No. 1 (AICPA, Professional Standards, PFP Sec. 100).
The FAQs originally were published in January 2014 along with the standards, which apply the AICPA’s rigorous Code of Professional Conduct and enable oversight in this growing area of practice.
A year later, Questions 11—13, 31—34, 36—47, and 51—54 were added to the document.
The standard and FAQs are free resources available to all professionals.
ALTA ‘Best Practices’
The AICPA issued new technical questions and answers to provide nonauthoritative guidance to practitioners in connection with the “Best Practices” framework of the American Land Title Association (ALTA).
The Q&As are designed to guide practitioners in work they perform related to the framework. Questions and Answers (Q&A) Section 9540.01—.05 (AICPA Technical Questions and Answers) describes the types of engagements a practitioner may perform, the applicability to an attest engagement, the sustainability of criteria, the nature of examination or review procedures, and the form and content of the report.