ENG2525. Independence in an Alternative Practice Structure (NAA, PRA)

This session will focus on alternative practice structures and independence requirements that firms need to comply with. Today, alternative practice structures in the accounting profession predominantly involve private equity investors. The AICPA's Professional Ethics Executive Committee has appointed a taskforce to review the current extant guidance on alternative practice structures and to determine whether new guidance is needed (authoritative and/or nonauthoritative). The session will include an update on the taskforce's progress.

Learning Objectives:

• Identify what an alternative practice structure is
• Evaluate why firms and investors are entering into alternative practice structures
• Distinguish how to comply with independence requirements when operating under an alternative practice structure
• Analyze potential issues when operating under an alternative practice structure