As you know, the House and Senate recently convened for the 111th Congress. As part of its ongoing member advocacy efforts, the AICPA Congressional Affairs Team, in concert with the Personal Financial Planning Team, is closely monitoring the financial services regulatory reform and other concerns of importance to our members and the public interest. The AICPA is the representative body of certified public accountants throughout the U.S. By exercising our collective strength and leveraging the tremendous talent of our membership, we can work successfully to address issues of concern to members, the financial services community, investors and the public.

AICPA Comments on the SEC’s Custody Rule of the Advisers Act of 1940 Proposed Amendments
On July 28, 2009, the AICPA submitted comments to the SEC’s proposed amendments to the Custody Rule of the Advisers Act of 1940.  Topics addressed included the scope of advisers subject to both the surprise examination and internal controls examination, scope, guidance and applicable standards specific to each of these examinations, auditor qualifications, as well as independence and cost considerations.  To access AICPA’s comment letter, click here

Consent to Use and Disclose Tax Information (Section 7216 Regulations Effective January 1, 2009)  

Members who are engaged in tax return preparation and tax planning services need to become familiar Sec. 7216 Regulations and Revenue Procedure 2008-35, the authoritative guidance with respect to a preparer’s “disclosure” or “use” of tax return information. In general, a “disclosure” of tax return information involves a disclosure by the preparer of a client’s return information to a third party.  A “use” of tax return information generally involves the use of the return information by the preparer potentially for the purposes of offering non-tax services to the taxpayer. The AICPA is providing guidance on implementing Section 7216. Learn More>>

Update: The final DOL regulation has been delayed until May 17, 2010 and is available for members to view.  Learn More>>

Comments on the DOL's Proposed Regulation on Fiduciary Requirement for Disclosure in Participant-Directed Individual Account Plans
The AICPA has commented on the Prop. Reg. section 2550.404a-5, which addresses fiduciary requirements for disclosure on participant-directed individual account plans. Learn More>>

Comments on Electronic Filing by Investment Advisers; Proposed Amendments to Form ADV
The AICPA's PFP Executive Committee has provided a comment letter to the Securities and Exchange Commission regarding the proposed rules to the Investment Advisers Act of 1940 and Part 2 of Form ADV. Learn More>>