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State Board Report

November 2013

In an unlikely to be repeated performance, NASBA Ethics Committee Chair Raymond N. Johnson (OR) brought to life what could happen once the new AICPA codification of the Code of Professional Conduct moves into place. Assisting Dr. Johnson in this skit were: NASBA Legal Counsel Noel L. Allen, NASBA Chief Financial Officer and Senior Vice President Michael R. Bryant, John F. Dailey, Jr. (NJ), Janice L. Gray (OK), Mark P. Harris (LA) and Nicole Kasin (SD). The message was that the conceptual framework is applied when matters are not specifically addressed in the Code of Conduct. Dr. Johnson said the AICPA Professional Ethics Executive Committee has received comment letters on its exposure draft and a revised codification is anticipated to be out in the spring.

Mr. Allen advised the State Boards, “As the AICPA codification is released next year, how are you going to incorporate the threats and safeguards approach into your state’s rules? I think there is real work to be done as we look at the AICPA approach.”

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