Auditors need to be incorporating the new Code of Ethics into audit work that is in planning stage right now
I don’t have time to write a full post, so will just caution auditors that the new Code of Ethics codification went into effect on December 15, 2014. That means it is in play right now for the audit work you are planning. Will apply to engagements in the field as soon as you pack up for the client’s office.
CPA Charles Hall has a very brief into at his blog, CPA-Scribo: New AICPA Code of Professional Conduct Effective December 15, 2014.
You need to make some changes to your engagement letters, if you haven’t already. Need to do a few other things in terms of documenting threats to independence and take a few steps to make sure you keep your independence.
If you haven’t read through the new rules to figure out the impact on your practice, now would be a really, really good time to do so. That’s a not very subtle hint, by the way, that your workpapers need be a bit different from last year.