The AICPA has rolled out a Toolkit to Assist Firms in identifying affiliates under the new ET Section 1.224.020. In June 2019, the PEEC rolled out a new definition of affiliate for State and Local Governments. However, the new rules were complex, so the AICPA has released a decision tree for identifying affiliates as well as a variety of tools that firms can use to determine their compliance with the independence standards.
Implementation Guide: https://www.aicpa.org/content/dam/aicpa/interestareas/professionalethics/resources/downloadabledocuments/toolkitsandaids/implementation-guide-state-and-local-government-client-affiliates.pdf
Affiliate Matrix: http://aicpa.org/content/dam/aicpa/interestareas/professionalethics/resources/downloadabledocuments/toolkitsandaids/interactive-slg-affiliate-matrix.xltx
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 takes part in many SCACPA seminars and rebroadcasts and is a speaker on audit topics at our Fall Fest and Spring Splash conferences.
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.
Read the Melisa Galasso A&A Interview: Private Company Council Member Jeremy Dillard and Standard-Setting Advocacy