Galasso Learning Solutions: Delays are in Store for Ethics, Peer Review
We wanted to alert you to these updates on decisions about delays from the AICPA’s Professional Ethics Executive Committee and Peer Review Board.
PEEC Delays and Exposure Draft
The AICPA’s Professional Ethics Executive Committee (PEEC) delayed three interpretations at its May meeting. Additionally, it has issued an exposure draft addressing record requests and updates the interpretation regarding acts discreditable.
Exposure Draft: Proposed Revised Interpretation: Records Request:
The Peer Review Board of the AICPA voted this week to grant a six-month extensions for peer reviews, corrective actions and implementation plans that had original due dates between Jan. 1 and Sept. 30, 2020.
The delays, consistent with other standard setters, are trying to assist firms who are struggling with COVID-19. As firms assist clients with obtaining assistance and work to audit in a remote environment, the delay is to provide relief.
The additional six months is optional, and if a firm and the reviewer are ready and able, they can continue as scheduled. The extension is automatic and does not have to be requested.
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa is a speaker on audit topics at SCACPA’s 2019 Fall Fest and 2020 Virtual Spring Splash accounting conferences. She also takes part in many SCACPA seminars and rebroadcasts.
With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.