MU BUAD 361 - Study Guide (33 pages)

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Study Guide



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Study Guide

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Pages:
33
School:
Millersville University
Course:
Buad 361 - Intermediate Accounting 1
Intermediate Accounting 1 Documents

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AICPA Plain English Guide to Independence Updated January 1 2004 TABLE OF CONTENTS NOTICE TO READERS PREFACE Purpose of this guide Conventions and key terms used INTRODUCTION For which services must my firm be independent In addition to the AICPA who else sets independence rules APPLYING THE RULES COVERED MEMBERS AND OTHER FIRM PROFESSIONALS How do the independence rules apply to me Do any of the rules apply to me if I am not a covered member What if I was formerly employed by a client or I was a member of the client s board of directors What rules apply if I am considering employment with a client What if I accept employment or a board position with a client APPLYING THE RULES FAMILY MEMBERS When is my family subject to the rules What about my other close relatives FINANCIAL RELATIONSHIPS When do my financial interests or my family s impair independence What are the rules that apply to my mutual fund investments and those of my family when my firm audits those mutual funds Which rules pertain to my mutual fund investments and those of my family if my firm audits companies held in those mutual funds May I have a joint closely held investment with a client May my family or I borrow money from or lend money to a client May I have a brokerage account with a client May I have a bank account with a client May I have an insurance policy with a client May I accept a gift from a client BUSINESS RELATIONSHIPS Which business relationships with a client impair independence NONATTEST SERVICES Which rules describe the nonattest services that my firm and I may or may not provide to attest clients What are the rules about performing bookkeeping services for a client May my firm provide internal audit assistance to a client May my firm provide valuation appraisal or actuarial services to a client May my firm provide investment advisory services to a client May my firm design or implement an information system for a client FEE ISSUES What types of fee arrangements between my firm



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