maybe it’s time to scrap “independence” for comps and reviews.
in this three-minute video, aicpa president and ceo barry melancon (pictured) explains the accounting and review services committee’s reliability project. the aicpa says the project
“aims to enable cpas to perform limited assurance engagements for clients when the external cpa performs certain control services. the accountant would still be precluded from providing any assurance service when he or she has a financial or relationship interest in the company. it is expected that current compilation and review standards will be maintained. the arsc plans to expose a new standard in late 2008 or in the spring of 2009.”
i first reported on the trend in january, february, march and april. and you can get a comprehensive view of the issue from my august post.
so, is independence dead?