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| Author: | Caswell, B. Allen, C. |
| Title: | The Engagement Team Approach to Independence |
| Journal: | Journal of Accountancy
2001 : FEB, VOL. 191:2, p. 57-63 |
| Index terms: | TEAM WORK HUMAN RESOURCE MANAGEMENT PROFESSIONS ACCOUNTING |
| Language: | eng |
| Abstract: | The paper considers to following subjects: 1) In light of fast-moving changes in society and business, the profession has responded by shifting from "firm-based" independence rules toward an approach that is "engagement team based." 2) That approach is included in the sec's recently adopted rule 2-01 revisions. An exposure draft from the International Federation of Accountants that addresses this concept is pending, and the Independence Standards Board and the AICPA professional ethics executive committee have proposals in development. 3) The engagement team approach to Independence significantly narrows the pool of staff who must follow the rules. 4) Modernized rules that are more intuitive and relevant will ultimately benefit not only the public but also attest clients and firms. |
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