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Ethics & Independence
SEC and PCAOB Requirements
Firms registered with PCAOB are required to comply with the PCAOB's Ethics & Independence Standards. The PCAOB's Interim Ethics Standards are comprised of the AICPA Code of Professional Conduct Rule 102, and interpretations and rulings thereunder, as in existence on April 16, 2003 (AICPA Professional Standards, ET §102 and §191) and certain standards of the Independence Board. Auditors of SEC issuers are also required to comply with the SEC’s rules on auditor independence.
The PCAOB's Interim Independence Standards are comprised of:
Independence Standards Board (ISB) Standards numbers 1, 2, and 3, and ISB Interpretations 99.1, 00.1, and 00.2. See Applicable ISB Rules.
SEC Rules on Auditor Independence
PCAOB's Ethics and Independence Rules Concerning Independence, Tax Services and Contingent Fees were approved by the SEC on April 19, 2006. The following are links to the rules, technical amendments to those rules, and the related implementation schedule:
View the CAQ Compilation of Developments Related to the PCAOB Rules on Ethics and Independence (members only)
AICPA Requirements
Members of the AICPA are also required to comply with independence and ethical requirements of the AICPA Code of Professional Conduct.
IFAC Requirements
International Federation of Accountants (IFAC) establishes and promotes adherence to international independence and other professional standards. The AICPA is a member body of the IFAC. As a member body, you must at a minimum apply the more restrictive code of ethics rules of IFAC and incorporate them into your code.
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