The American Institute of CPAs has proposed new standards to build more rigorous oversight of CPA financial planners.
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. Substantive guidance and minimum guidelines for professional behavior were issued between 1992 and 1996 by the PFP Executive Committee as five separate statements, Statements on Responsibilities in Personal Financial Planning Practice. The statements were vetted by the membership through the exposure process before being issued. The main objective was to provide process-based guidance when planning, developing, presenting, implementing, monitoring and updating a financial plan to protect both the public and the CPA planner.
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