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Connecticut board approves high-level response to AICPA exposure draft on alternative practice structures
Summary
The Connecticut State Board voted to submit a high-level response to an AICPA exposure draft on alternative practice structures, saying the draft is overly complex and does not sufficiently protect independence-of-appearance; the letter will be submitted before the April 30 deadline.
The Connecticut State Board voted to submit a high-level response to an AICPA exposure draft on alternative practice structures, citing concerns that the proposal is too complex and could hinder consistent enforcement and the appearance of auditor independence.
The board’s chair, speaking to members, said Connecticut regulations (section 2280-15C) adopt the AICPA Code of Professional Conduct as the state’s professional standard, so any AICPA interpretations could affect licensees and be grounds for discipline under state statute. "This code and any interpretations and ethical rulings by the AICPA shall apply to all of our licensees and certificate holders," the chair said, arguing that the…
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