Chapter 11 Further Assistance

Chapter 11 — Further assistance Where can I find further assistance with my independence questions? This guide does not address many subjects included in the AICPA rules. Readers are encouraged to view the online version of the AICPA Code of Professional Conduct (the code). In addition, readers should refer to the "Conceptual Framework for Independence" interpretation (ET sec. 1.210.010) in evaluating whether a specific circumstance that is not addressed in the code would pose an unacceptable threat to independence. As specific services and situations arise in practice, refer to the independence literature and consult with those responsible for independence in your firm. If you need further assistance researching your question, contact one of the following organizations for guidance. AICPA resources • Refer to the AICPA’s Professional Ethics Division’s standard-setting activities for details regarding current and past projects. • For questions related to understanding the nonattest service rules, consult the Background and Basis for Conclusions document. • For questions related to applying the nonattest services rules, consult Frequently Asked Questions: Performance of Nonattest Services. • For independence inquiries by phone, call 888.777.7077. Send e-mail inquiries to ethics@aicpa.org. • The AICPA interactive multimedia course on Independence teaches the AICPA and the SEC independence rules and qualifies for four hours of continuing professional education credits. • Toolkits to assist members with applying the Conceptual Framework for Independence and Nonattest Services • o Conceptual Framework Toolkit for Independence o Nonattest Services Toolkit The 2011 Yellow Book Independence—Nonaudit Services Documentation Practice Aid will assist auditors performing audits in accordance with the 2011 revision to Government Auditing Standards (the 2011 Yellow Book) issued by the Government Accountability Office (GAO) in identifying and evaluating threats to independence for nonaudit services when considering whether to provide a nonaudit service. It will also assist auditors in applying the conceptual framework for independence contained in the 2011 Yellow Book (Yellow Book Conceptual Framework) and in complying with the Yellow Book’s independence documentation requirements. In late summer 2020, the Government Audit Quality Center (GAQC) plans to release a Yellow Book independence Documentation Practice Aid updated for the 2018 Yellow Book on the GAQC Resources page. 47 SEC resources • Consult the SEC’s January 2003 Rules Release. • Information for accountants, including independence, may be found online at the Office of the Chief Accountant at www.sec.gov/about/offices/oca/ocaprof.htm. • Independence reference materials can be found on the SEC website. • Contact the SEC via U.S. Securities and Exchange Commission, Office of the Chief Accountant, 100 F Street, NE, Washington, D.C. 20549 (mail); 202.551.5300 (phone); or 202.772.9252 (fax). PCAOB resources • The PCAOB website contains its standards. GAO resources • Obtain the GAO Yellow Book requirements at “Resources for the Auditing and Accountability Community.” • Direct inquiries to 202.512.9535 (phone) or yellowbook@gao.gov (e-mail). Department of Labor resources • DOL Regulation 2509.75-9, Interpretive Bulletin Relating to Guidelines on Independence of Accountant Retained by Employee Benefit Plan. • Direct inquiries to 1.866.4.USA.DOL. Banking regulators’ resources • Review FDIC regulations “Annual Independent Audits and Reporting Requirements” (Title 12 U.S. Code of Federal Regulations Part 363). • The following organizations comprise the Federal Financial Institutions Examination Council (FFIEC): the Board of Governors of the Federal Reserve System, the FDIC, the National Credit Union Administration, and the Office of the Comptroller of the Currency. The FFIEC issues financial institution letters (FILs) that are addressed to the CEOs of the financial institutions on the FIL distribution list, generally FDIC-supervised institutions. FILs may announce new regulations and policies, new FDIC publications, and a variety of other matters of principal interest to those responsible for operating a bank or savings association. FILs have addressed auditor conduct (for example, internal audit outsourcing and use of indemnification clauses in engagement letters) in recent years and may apply to both public and nonpublic institutions. Additional information is available. International Federation of Accountants Resources • Information about the International Ethics Standards Board for Accountants (IESBA) can be found on the International Federation of Accountants’ website. • View the IESBA’s Handbook of the Code of Ethics for Professional Accountants. 48 National Association of Insurance Commissioners resources • The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. • The NAIC website is www.naic.org • The NAIC developed a Model Rule, which is available at www.naic.org/store/free/MDL205.pdf. Section 7 outlines the model rule’s independence requirements. However, the requirements of individual state laws, regulations, and administrative rules take precedence and may differ from the guidance provided by the NAIC. Accordingly, auditors of insurance enterprises should review state laws, regulations, and administrative rules to determine what has been approved in each state. 49