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Comment: AICPA omnibus proposal exposure draft

Grant Thornton LLP comments on the American Institute of Certified Public Accountants (AICPA) Professional Ethics Executive Committee’s (PEEC's) November 2015 Exposure Draft, which provides new and revised interpretations and guidance related to a member’s obligations concerning confidentiality and the return of client files when the member transfers, sells or discontinues a practice or when a member acquires a practice.

Grant Thornton supports PEEC’s position that a new interpretation is needed to address the variety of circumstances and the actions a member should take in connection with clients’ files in its possession when a member discontinues, sells or transfers all or part of a practice in order to meet the requirements under the Records Requests Interpretation [1.400.200] and the “Confidential Client Information Rule” [1.700.001] of the AICPA Code of Professional Conduct. We also support that expanded guidance to address transparency and the protection of client confidential information if a member is reviewing another member’s client’s information when evaluating whether to acquire that member’s practice and when that member in fact acquires that practice and retains the client’s information.

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