The Professional Ethics Executive Committee (PEEC) is proposing revisions to the “Section 529 Plans” interpretation in the AICPA Code of Professional Conduct. The revisions address monitoring challenges and independence threats related to an account owner’s financial interest in Section 529 plans.
Comments are due October 30, 2024.
PEEC welcomes all feedback on the proposal and has these specific questions for AICPA members and other interested parties:
Do you agree that the underlying investments in a Section 529 savings plan are an indirect financial interest as defined in the code?
Do you agree that the safeguards provided for a material indirect financial interest
are sufficient?Do you have any concerns with the safeguard application parameters?
Is it clear that the trailing paragraph under new paragraph .07 applies only to a
material indirect financial interest in an attest client?