Are Non-AICPA Member Illinois Firms and Sole Practitioners Required to Follow AICPA Professional Standards?
Yes. The Illinois Public Accounting Act Code of Professional Conduct Section 1430.800 states in part that “where a registered public accountant's name is associated with financial statements in such a manner as to imply that he or she is acting as an independent public accountant and under circumstances that would entitle the reader to assume that United States practices were followed, he or she must comply with the requirements of Sections 1430.2020 and 1430.2030.”
Section 1430.2020 states that “A registered public accountant shall not permit his name to be associated with financial statements in such a manner as to imply that he is acting as an independent public accountant unless he has complied with applicable generally accepted auditing standards (generally accepted auditing standards are listed in Appendix A of this Part) promulgated by the Institute. Statements on Auditing Standards (and any successor pronouncements) issued by the Auditing Standards Executive Committee (and any successor body) are, for purposes of this rule, considered to be interpretations of the generally accepted auditing standards and departures from such statements must be justified by those who do not follow them.”
The same would be true for a registered or licensed public accountant associated with financial statements compiled or reviewed by him or her in conformity with Statements on Standards for Accounting and Review Services promulgated by the American Institute of Certified Public Accountants.
Note: The Illinois Administrative Rules (which include the Illinois Public Accounting Act Code of Professional Conduct) are currently being updated to reflect changes brought about by the AICPA Clarified Audit Standards, which were effective for audits of financial statements for periods ending on or after December 15, 2012, and the revised AICPA Code of Conduct, which are effective December 15, 2014.
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Senior Director, Peer Review & Professional Standards | 312.517.7610