The latest American Institute of CPAs' Statement on Standards for Tax Services has some practitioners upset that it could hurt smaller firms that are primarily engaged in tax preparation.SSTS 9, available on the AICPA Tax Center Web site, was released a year ago in proposed form and is slated to go into effect on June 30, 2007. It "sets forth the applicable standards for members concerning the obligation to have a system of quality control for their tax practice (public practice) or function (nonpublic practice)."
The statement requires that a member's firm or employer establish a system of quality control that includes five elements: integrity and objectivity, personnel management, acceptance and continuance of clients and engagements (public practice only), performance of professional services, and monitoring and inspection.
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