The American Institute of CPAs has proposed
The new standards are based on the AICPA Statement on Responsibilities in Personal Financial Planning Practice, which was adopted more than 20 years ago to provide a framework to help CPAs deliver financial planning services with high integrity.
In December 2010, a revised Statement on Responsibilities in PFP Practice was issued, combining the five statements into one and adding illustrations to provide greater relevance. They have been adopted by seven state boards of accountancy as a required standard.
To establish clearer, definitive rules with broad applicability and enforceability, the AICPA’s governing council in October awarded the executive committee of the personal financial planning division the authority to set standards. The committee has approved the
“Amid the complexity and uncertainty of today’s economy, more clients are turning to their CPAs for guidance on a broader array of financial issues,” said AICPA Personal Financial Planning Executive Committee chairman Lyle K. Benson in a statement. “That’s because the CPA-client relationship is built on trust rooted in the most stringent ethical, professional and regulatory requirements. We have drafted these standards to continue raising the bar, ensuring that CPAs deliver the highest level of professionalism, integrity, objectivity and competency in the financial planning profession.”
The AICPA is accepting comments on the