In January 2014, the AICPA's Professional Ethics Executive Committee (PEEC)

Essay

In January 2014, the AICPA's Professional Ethics Executive Committee (PEEC) approved a revised AICPA Code of Professional Conduct that restructures the Code to improve its readability and converges the Code with international standards. The revised Code contains three sections. Part 1 contains the rules of conduct and interpretations that are applicable to members in public practice. For AICPA members in public practice who provide attest services to clients, there is a conceptual framework for independence that focuses on the specific threats to independence and certain examples of threats associated with a specific relationship or circumstance are identified. What are these identified threats? How should a public practice member deal with other threats?