is it time to scrap ‘independence?’

for comps and reviews, maybe.

who really needs or wants an “independent” accountant, anyway?

leading accounting firms are pushing a revamp of the rules for compilations and reviews that would drop the traditional ‘independence’ requirement and replace it, instead,  with a new standard aimed at reliability. the idea has been cooking for a couple years, but it’s only now starting to get some buzz in the profession.

the aicpa’s powerful accounting and review services committee is now looking at the idea, pushed there by an ad hoc reliability task force of the aicpa pcps executive committee.