61H1-21.001. Independence  


Effective on Thursday, December 10, 2009
  • 1(1) A firm shall not express an opinion on financial statements (as that term is defined in the Standards for Independence) of an enterprise or on the reliability of an assertion by one party for use by another (third) party unless the firm is 45active licensed and 48independent with respect to such enterprise or the party making the assertion. A licensed firm is also precluded from expressing such an opinion if the firm is aware that an individual in the firm is not independent and that individual is a covered 91certified public accountant 94or is otherwise required to be independent. A 102certified public accountant 105shall not express such an opinion unless the 113certified public accountant 116is independent with respect to such enterprise or the party making the assertion. A 130certified public accountant 133is also precluded from expressing such an opinion if he or she is aware that an individual in the firm is not independent and that individual is a covered 162certified public accountant 165or is otherwise required to be independent. All covered 174certified public accountants 177and all other individuals who are required to be independent are required to disclose to the firm that they are not independent prior to the issuance of such an opinion; failure to do so is a violation of this rule. All firms are required to adopt appropriate policies to implement the disclosure requirement and to monitor compliance therewith.

    235(2) In order to delineate the standards against which a 245certified public accountant’s 248independence or lack thereof is to be judged, the Board has created a document entitled “Standards for Determining Independence in the Practice of Public Accountancy for CPAs Practicing Public Accountancy in the State of Florida” (effective 12-31-2004) (hereinafter “Standards for Independence”) which document is hereby incorporated by reference in this 298r299ule. The standards contained in the “Standards for Independence” are similar to those contained in the Code of Professional Conduct promulgated by the American Institute of Certified Public Accountants.

    328(3) In order to be considered independent a 336certified public accountant 339must comply with the requirements set out in the “Standards for Independence” and the requirements of this rule.

    357Rulemaking 358Authority 359473.304, 360473.315 FS. 362Law Implemented 364473.315 FS. 366History–New 12-4-79, Amended 2-3-81, 10-28-85, Formerly 21A-21.01, Amended 10-20-86, Formerly 21A-23771.001, Amended 5-21-03, 1-31-05, 12-10-09.

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