Due to the evolving complexity of the Independence Standards as codified in the AICPA Code of Professional Conduct, the Accounting and Review Services Committee (ARSC) is seeking the input of CPAs, clients and third-party users of compiled financial statements as to the need for independence when performing compilation engagements.

Through an electronic survey entitled “Need for Independence in Compilation Engagements,” the ARSC would like to receive comments before it further considers the independence requirements related to compilation engagements.

The ARSC welcomes responses and comments to the survey from all interested parties until May 19, 2006.

The ARSC requests that practitioners ask their colleagues and clients to consider filling out the survey and advise known third-party users of the compiled financial statements about the survey.

After consideration of comments received, the ARSC plans to address the issue at a public meeting to decide whether it should revisit the need for independence when performing a compilation engagement and, if required, consider how the impairment of a practitioner’s independence should best be communicated in the compilation report.

Access the online survey.

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