Due to the evolving complexity of the Independence Standards as codified in the AICPA Code of Professional Conduct, the Accounting and Review Services Committee is seeking the input of CPAs, their clients, and third-party users of compiled financial statements as to the need for independence when performing compilation engagements.

Toward that end, the ARSC has issued a survey entitled “Need for Independence in Compilation Engagements”. The purpose of the survey is to set forth specific questions for which the ARSC would like to receive comments before it further considers the independence requirements related to compilation engagements.

The ARSC welcomes responses and comments to the survey from all interested parties. Comments may be submitted directly through the electronic survey no later than May 19, 2006.

The ARSC requests that in addition to completing the survey themselves, that practitioners advise their colleagues and clients as to the location of the survey and the input that the ARSC is seeking. In addition, it would be helpful if practitioners requested that their clients advise known third-party users of the compiled financial statements as to the survey.

After consideration of comments received, the ARSC plans to address the issue at a public meeting for the purpose of deciding whether it should undertake a project to revisit the need for independence when performing a compilation engagement, and if required, how the impairment of a practitioner’s independence should best be communicated in the compilation report.

The survey is available by clicking the blue tab at http://www.aicpa.org/members/div/auditstd/index.htm.