AICPA Plain English guide to Independence
While the AICPA’s main purpose in issuing these revisions was to modernize the rules, it also wanted to “harmonize” them with those of the SEC and other rulemakers, simplifying them as much as possible—difficult objectives, given the complexity of today’s business environment.
The new rules follow an approach that applies the highest level of restrictions to persons on the attest engagement team and to those who can, through personal or professional interaction, generally influence the team and, therefore, the outcome of the engagement.
