PEEC reviewing AICPA Code in response to new SEC independence rules

By Ken Tysiac

The AICPA Professional Ethics Executive Committee (PEEC) published a temporary policy statement Monday stating that it will evaluate whether the AICPA Code of Professional Conduct (Code) should be revised as a result of recent SEC rules amendments related to auditor independence requirements.

The SEC amendments, which take effect June 9, 2021, with early adoption permitted, were adopted in October 2020 and were designed to prevent the triggering of auditor independence rules violations in situations that don’t necessarily impair an auditor’s judgment or impartiality.

While PEEC’s evaluation is underway, according to the policy statement, PEEC will consider a member to be in compliance with the Code if the member:

  • Implements and complies with the SEC amendments; or
  • Complies with the existing Code.

This temporary enforcement policy will remain in effect until PEEC rescinds it.

Ken Tysiac ( is the JofA’s editorial director.


Preparing the statement of cash flows

This instructive white paper outlines common pitfalls in the preparation of the statement of cash flows, resources to minimize these risks, and four critical skills your staff will need as you approach necessary changes to the process.


Keeping you informed and prepared amid the COVID-19 crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.