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U.S. comment letter on PEEC's Interpretation 102-2 proposal

Published on: Jan 24, 2014

Deloitte LLP comments on the Professional Ethics Executive Committee's (PEEC) proposed revised interpretation No. 102-2, "Conflicts of Interest for Members in Public Practice."

An excerpt from the comment letter is shown below:

We are supportive of the proposed Interpretation and believe that the drafting of such Interpretation facilitates the convergence of the conflicts of interest standards under Rule 102 of the AICPA, Integrity and Objectivity, with the conflicts of interest standard issued by the International Ethics Standard Board for Accountants ("IESBA") in March 2013, Changes to the Code of Ethics for Professional Accountants Addressing Conflicts of Interest.  We are fully supportive of the convergence to a single set of conflicts standards to enhance the quality and consistency of the services provided throughout the world.  We understand, based on the Explanation of Proposals Under Rule 102, included within the ED, that the PEEC believes the proposed Interpretation is substantially consistent with the IESBA Code and any differences are necessary to enhance the clarity of the proposed Interpretation and make it relevant to AICPA members practicing in the United States.

Although we are generally supportive of the proposed Interpretation, there is one area, disclosure and consent, which we believe should be more closely aligned with the IESBA standards to better provide for consistency in practice.

Full text of the comment letter is available below.


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