The American Institute of CPAs (AICPA) is considering updates to its Code of Professional Conduct to address changes in firm structures due to increased private equity investment, and the ethical implications of these changes. The public has been asked to comment on proposed guidelines for issues such as investor influence and control, and independence, which will not only affect the integrity and functioning of the profession but could also broaden the definition of a network firm, thereby pulling more entities into independence requirements.
Private equity has been circling the accounting profession for years. Now the AICPA is officially pulling up a chair and opening the rulebook. With private equity money flowing into firm structures faster than anyone predicted, the American Institute of C...
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