As private equity’s role in accounting firms continues to grow, a special task force of the AICPA’s Professional Ethics Executive Committee (PEEC) is seeking public comments on a discussion memo regarding potential revisions to the Code of Professional Conduct.

The memo includes two options that would address independence issues related to alternative practice structures (APS). Both options would create a three-step process to determine independence:

1. Identify network firms.
2. Identify covered members.
3. Identify relationships and circumstances involving additional individuals and entities associated with the APS that create independence threats and apply relevant prohibitions and the “Conceptual Framework for Independence.”

Comments are due June 15 and can be submitted to ethics-exposuredrafts@aicpa.org.