The AICPA’s Professional Ethics Executive Committee (PEEC) has issued an updated proposal around reporting noncompliance with laws and regulations (NOCLAR). Originally issued in 2017, PEEC has been trying to converge with the international standards while addressing unique U.S. issues. The proposal includes separating the requirements for those in public practice between those providing attest services and those providing services that are not attest services. It also provides other clarifications in response to the comment letters received in the first proposal.
Call to Action: Do you agree with the proposed changes to the ethics code? Comments are due June 30.
Exposure Draft: “Proposed Interpretations and Definition — Responding to Noncompliance With Laws and Regulations” (AICPA Professional Ethics Division, Feb. 25, 2021): https://www.aicpa.org/content/dam/aicpa/interestareas/professionalethics/community/exposuredrafts/downloadabledocuments/2021/2021-Feb-NOCLAR-ED.pdf
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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 annual Spring Splash and Fall Fest 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.