AICPA Interpretation 101-3
CD of Teleconference with Q&A
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Accounting Teleconference Advisory Board
AICPA's Ethics Interpretation 101-3 for independence in providing attest services continues to vex many accounting firms. The onus is on the firm to objectively assess its independence and persuade its attest clients to agree to implement necessary steps on their end.
Firms must develop proactive strategies to avoid ethical violations, minimize administrative hassles and miscommunications, and cope with clients who are unprepared or unwilling to cooperate.
Chances are your accounting firms' valuation practices are not meeting all of the AICPA's new expectations. In addition, accountants accustomed to working under an American Society of Appraisers (ASA) or FASB standard must deal with the differences.
Listen as our panel of accounting veterans, each of whom is experienced in analyzing ethical standards for the profession, offers you solutions for working through ongoing difficulties with implementing Interpretation 101-3.
Our panel included:
Cathy Allen, President and Founder, Audit Conduct, South Setauket, N.Y. Her firm consults on auditor independence and ethics. Previously, she was a senior staffer in the AICPA's professional ethics division and director of independence with two Big Four firms.
D. Scot Loyd, Partner-In-Charge, Governmental Practice, Swindoll Janzen Hawk & Loyd, McPherson, Kan. He has been a partner with the firm since 1990. He has been extensively involved with the AICPA's ethics executive panel. He works on audit, budget and consultation for municipal governments.
Raymond Nowicki, Partner, Nowicki and Co, Buffalo, N.Y. His firm specializes in attest and litigation-support work. Ray has been in the profession since 1977, has been on peer review panels for the AICPA and NYSSCPA, and frequently writes on ethics issues.
Lisa Snyder, Director, Professional Ethics Division, AICPA, New York.
Our panel addressed these and other key ethics-related issues:
- Assessing independence - Make sure that you are current on all services that the AICPA asserts would compromise the independence of an attest engagement.
- Avoiding extreme steps - Find alternatives to knee-jerk steps like "we're not independent" declarations in compilations.
- Finding documentation alternatives - Spell out engagement terms in an internal memo or a modified engagement or representation letter.
- Working with clients - Persuade clients to sign internal documents and to prepare controls, and help clients that may be unprepared to take on those duties.
- Leveraging advantages - Fortify your defense against malpractice claims by adhering to Interpretation 101-3.
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