The AICPA Professional Ethics Division has released this discussion memorandum to seek public input regarding potential revisions to the AICPA Code of Professional Conduct. Focused on enhancing independence guidance for alternative practice structures, including those with private equity investments, this release invites stakeholder feedback on several issues.
The memorandum explores clarity and consistency in applying ethical standards to evolving APS models. Private equity’s role in accounting firms is growing and this memorandum outlines preliminary conclusions, key independence threats, and two proposed options for authoritative and nonauthoritative guidance.
Stakeholders are encouraged to review and comment on the memorandum to help shape robust ethical standards that safeguard audit quality and public interest.
Submit your insights to contribute to this critical dialogue on APS independence.
Comment deadline: June 15, 2025
Send comments to: ethics-exposuredrafts@aicpa.org
For more context, view the lunch and learn session the ethics division held in February 2025.