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1 | Statement on Standards in Personal Financial Planning Services Personal Financial Planning Section Tax. Estate. Retirement. Risk Management. Investments. © 2020 American Institute of CPAs. All rights reserved. AICPA and American Institute of CPAs are trademarks o the American Institute o Certifed Public Accountants ... |
2 | . 1.300.001 and 2.300.001), and “Compliance with Standards Rules” (AICPA, Professional Standards, ET sec. 1.310.001 and 2.310.001) as well as paragraphs .02-.05 of the “Application of the AICPA Code” (AICPA, Professional Standards, and ET sec. 0.200.020), will be undertaken on a case-by-case basis. 1. Per AICPA Bylaw S... |
3 | unless prevailing facts and circumstances dictate otherwise, this action is required. If a standard provides that a procedure or action is one that the member “should consider,” the consideration of the procedure or action is required, whereas carrying out the specied procedure or action is not. The professional requ... |
4 | (Ref: par. A7) 19. The member should possess a level of knowledge of PFP principles and theory, and a level of skill in the application of such principles, that will enable him or her to (Ref: par. A8) a. Identify client goals and objectives; b. Gather and analyze relevant information; c. Consider and apply appropriat... |
5 | established by the standard is impaired, the member should terminate the engagement in writing. b. If the member determines that the ability to meet the standards established by the standard is not impaired, the member should communicate in writing that this limitation could affect the conclusions and recommendations ... |
6 | planning decisions developed in a PFP engagement in which the member did not participate should obtain an understanding of the planning decisions made. 41. All other relevant guidance under the standard relating to providing PFP services should be followed in an implementation engagement. Monitoring and updating engag... |
7 | in paragraph 3 are not provided. These services are, however, subject to the SSTSs. b. Valuation services: Any engagement that would be considered a valuation service under SSVS No. 1 when PFP services as dened in paragraph 3 are not provided. These services are, however, subject to SSVS No. 1. c. Business succession... |
8 | to perform PFP services include, but are not necessarily limited to, the following: (Ref: par. 21, A5) a. Investment Advisers Act of 1940; see Securities and Exchange Commission Interpretive Release IA-1092 b. Treasury Department Circular No. 230 c. State boards of accountancy d. AICPA Code of Professional Conduct e. ... |
9 | action on planning decisions, which may include the member doing one or more of the following: a. Taking responsibility for the selection and acquisition of products1 b. Taking responsibility for the selection of service providers c. Establishing selection criteria d. Coordinating or reviewing the delivery of services... |
10 | As of June 1, 2013 Code of Professional Conduct and Bylaws Reprinted from AICPA Professional Standards 10794-355 As of June 1, 2013 Code of Professional Conduct and Bylaws Reprinted from AICPA Professional Standards Code of Professional Conduct and Bylaws (as of June 1, 2013) is reprinted from AICPA Professional Stand... |
11 | 3 3011 Table of Contents Section Page BL 200 Admission to, and Retention of, Membership and Association—continued 220R—Implementing Resolution Under Section 2.2 Requirements for Admission to Membership 230—2.3 Requirements for Retention of Membership 230R—Implementing Resolutions Under Section 2.3 Requirements for Rete... |
12 | Not to Be Applied Retroactively BL 800 Amendments ............................................... 3169 801—Amendments 810—8.1 Proposals to Amend the Bylaws 820—8.2 Proposals to Amend the Code of Professional Conduct 830—8.3 Submission to Council via Board of Directors 840—8.4 Submission to Membership by Mail Ballot BL... |
13 | open society, depends primarily on members' understanding and voluntary actions, secondarily on reinforcement by peers and public opinion, and ulti- mately on disciplinary proceedings, when necessary, against members who fail to comply with the Rules. Other Guidance Interpretations of Rules of Conduct consist of inter... |
14 | �- dence, and carry out the profession's special responsibilities for self-governance. The collective efforts of all members are required to maintain and enhance the traditions of the profession. ET §52.01 Article II---The Public Interest 2823 ET Section 53 Article II—The Public Interest Members should accept the obli... |
15 | rendering attestation services. .02 Members often serve multiple interests in many different capacities and must demonstrate their objectivity in varying circumstances. Members in public practice render attest, tax, and management advisory services. Other members prepare nancial statements in the employment of others... |
16 | ��icts of interest in discharging professional responsibilities. Due care requires that services be provided with competence and diligence. .02 Each of these Principles should be considered by members in deter- mining whether or not to provide specic services in individual circumstances. In some instances, they may re... |
17 | from any of the ethics require- ments stated herein, as long as the foreign network rm's conduct, at a minimum, is in accord with the ethics and ET §91.02 2836 Rules: Applicability and Definitions independence requirements set forth in the IESBA's Code of Ethics for Professional Accountants. 2. A member shall not kno... |
18 | December 1998. Revised March 2013, revisions effective May 31, 2013.] ET §92.03 2838 Rules: Applicability and Definitions .04 Close relative. A close relative is a parent, sibling, or nondependent child. [Revised November 2001.] .05 Condential client information. Condential client information is any information obta... |
19 | . [Revised November 2002 and September 2003. Paragraph renumbered Septem- ber 2011.] .10 Financial statements. A presentation of nancial data, including accompanying notes, if any, intended to communicate an entity's economic re- sources obligations, or both, at a point in time or the changes therein for a period of t... |
20 | ments; or c. has the ability to exercise inuence over the contents of the nancial statements, including when the individual is a member of the board of directors or similar governing body, chief executive ofcer, president, chief nancial ofcer, chief operating ofcer, general counsel, chief ac- counting ofcer, co... |
21 | A network rm is a rm or other entity that belongs to a network, as dened in paragraph .23. This includes any entity (including another rm) that the network rm, by itself or through one or more of its owners, controls (as dened in FASB ASC 810), is controlled by, or is under common control with. [Paragraph added ... |
22 | are part of the rm's normal approval and quality control review proce- dures applicable to a partner. This denition is solely for the purpose of applying Rule 101 [sec. 101 par. .01] and its interpretations and rulings and should not be used or relied upon in any other context, including the determination of whether... |
23 | hips With a Covered Member’s Client .................... .10 [101-9]—[Deleted] ..................................... [.11] 101-10—The effect on independence of relationships with entities included in the governmental nancial statements [Revised] ................................. .12 101-11—Modied application of Rule ... |
24 | .041-.042 [22.] Family Relationship, Brother [Deleted] ................. [.043-.044] [23.] Family Relationship, Uncle by Marriage [Deleted] ..... [.045-.046] Contents Table of Contents 2847 Section Paragraph 191 Ethics Rulings on Independence, Integrity, and Objectivity—continued [24.] Family Relationship, Father [Del... |
25 | ....................................... [.107-.108] Contents 2848 Table of Contents Section Paragraph 191 Ethics Rulings on Independence, Integrity, and Objectivity—continued [55.] Independence During Systems Implementation [Deleted] ................................................ [.109-.110] [56.] Executive Search [... |
26 | ances and Cash Advances [Deleted] ... [.180-.181] 91. Member Leasing Property to or From a Client [Revised] ... .182-.183 92. Joint Interest in Vacation Home .......................... .184-.185 93. Service on Board of Directors of Federated Fund-Raising Organization ............................................ .186-.1... |
27 | , in certain circumstances the PEEC has determined that it is appropriate to prohibit or re- strict certain relationships notwithstanding the fact that the risk may be at an acceptable level. For example, the PEEC has determined that a covered mem- ber should not own even an immaterial direct nancial interest in an at... |
28 | ects the longstanding requirement that members be independent in fact. .08 This denition is used as part of the risk-based approach to analyze independence. Because the risk-based approach requires judgment, the deni- tion should not be interpreted as an absolute. For example, the phrase "without 1 In cases where thr... |
29 | such as the client's CEO 4 This threat does not arise from testifying as a fact witness or defending the results of a profes- sional service that the member performed for the client. ET §100-1.16 2854 Independence, Integrity, and Objectivity b. A partner or partner equivalent of the rm who has provided the client wit... |
30 | Who applies the safeguard .22 There are three broad categories of safeguards. The relative impor- tance of a safeguard depends on its appropriateness in light of the facts and circumstances. a. Safeguards created by the profession, legislation, or regulation b. Safeguards implemented by the attest client c. Safeguards... |
31 | and any changes to them, for all partners and professional staff h. Policies and procedures that are designed to monitor the rm's, part- ner's, or partner equivalent's reliance on revenue from a single client and, if necessary, cause action to be taken to address excessive reliance i. Designating someone from senior ... |
32 | regulation, agreement, policy or contract requires the member's report to be led under GAO regulations, and any organization that issues or enforces standards of independence that would apply to the member's engagement. Such organizations may have independence requirements or rulings that differ from (for example, ma... |
33 | association includes the following: i. Ceasing to participate in all employee health and welfare plans sponsored by the client, unless the client is legally required to allow the covered member to participate in the plan (for example, Consolidated Omnibus Budget Recon- ciliation Act (COBRA)) and the covered member pays... |
34 | the plan. In such circumstances, a covered member's participation in the plan will not impair independence, provided that the plan is offered to all employees in comparable employment positions and the covered member has no inuence or control over the investment strategy, benets, or other management activities assoc... |
35 | dispose of a nancial interest in an attest client if doing so would violate an employer's policies on insider trading. On the other hand, waiting for more advantageous market conditions to dispose of the interest would not fall within this exception. [Footnote added by the Professional Ethics Executive Committee, Mar... |
36 | or forfeits his or her vested compensation rights if the underlying price of the em- ployer's shares equals or exceeds the exercise price for 10 con- secutive days (market period). Exercise or forfeiture should occur as soon as practicable but no later than 30 days after the end of the market period. 4. any resulting ... |
37 | the application of safeguards, the threats identied and the safeguards applied to eliminate the threats or reduce them to an acceptable level should be documented.12 [Paragraph added by adoption of the Code of Professional Conduct on January 12, 1988. Revised, effective June 30, 1990, by the Professional Ethics Execu... |
38 | begins. An appearance of partici- pation or association results from such actions as: • The individual provides consultation to the rm. • The rm provides the individual with an ofce and related ameni- ties (for example, secretarial and telephone services). • The individual's name is included in the rm's ofce dire... |
39 | Revised, effective April 30, 2003, by the Professional Ethics Executive Committee.] .05 101-3—Nonattest Services. Before a member or his or her rm (member) performs nonattest services (for example, tax or consulting services) for an attest client,14 the member should determine that the requirements de- scribed in thi... |
40 | .] Engagements Subject to Independence Rules of Certain Regulatory Bodies This interpretation requires compliance with independence regulations of au- thoritative regulatory bodies (such as the SEC, the GAO, the DOL, the Public Company Accounting Oversight Board [PCAOB], and state boards of accoun- tancy) when a member... |
41 | the client. [Footnote added, effective October 31, 2004, by the Professional Ethics Executive Committee. Footnote renumbered by the revision of Interpretation No. 101-1, April 2006. Footnote subsequently renumbered by the revision of Interpretation No. 101-1, March 2010.] ET §101.05 2870 Independence, Integrity, and O... |
42 | impact the entries have on the nancial statements. • Determine or change journal entries, account codings or classication for transactions, or other accounting records without obtaining client approval. • Authorize or approve transactions. • Prepare source documents. • Make changes to source documents without client... |
43 | Have custody of client assets, such as taking temporary possession of securities purchased by a client. 20 When auditing plans subject to the Employee Retirement Income Security Act, Department of Labor regulations, which may be more restrictive, must be followed. [Footnote renumbered by the re- vision of Interpretati... |
44 | to a taxing authority, in paper or electronic form, would not impair a member's independence provided the member does not have custody or control22 over the client's funds and the individual designated by the client to oversee the tax services: • Reviews and approves the tax return and related tax payment; and, • If r... |
45 | cant degree of subjectivity. Valuations performed in connection with, for example, ESOPs, business com- binations, or appraisals of assets or liabilities generally involve a signicant degree of subjectivity. Accordingly, if these services produce results that are material to the nancial statements, independence woul... |
46 | witness,29 a member may be questioned by the trier of fact or counsel as to his or her opinions pertaining to mat- ters within the member's area of expertise. Answering such questions would not impair the member's independence. b. Litigation consulting services are those litigation services where a member provides adv... |
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