November 2, 2006

NASBA comments to the Professional Ethics Executive Committee (“PEEC”) of the American Institute of Certified Public Accountants (“AICPA”) on its Omnibus Proposal dated September 8, 2006. NASBA addresses multiple issues that the PEEC will have to correct before it can be approved. Issues include:

  • Indemnification and Limitation of Liability Provisions for Attest Engagements
  • Punitive Damages
  • Actual Damages and Costs
  • Time Period Limitation
  • Agreement to Use ADR and Agreement to Waive Jury Trial
  • Forensic Accounting Services- Confidentiality Agreements
  • Forensic Accounting Services-Acting as Mediator or Referee
  • Possible Implications to State Regulation if the Proposal is Adopted

See Full Document:
Letter of Comment to the PEEC

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