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Code of conduct revisions; auditor guidance.

The AICPA Professional Ethics Executive Committee is proposing revisions in two sections of the Code of Professional Conduct.

One proposal provides guidance on whether a member's objectivity is compromised by offering or accepting gifts or entertainment to or from a client. The other

proposal looks at a member's responsibility when clients request records or other documents. View the draft at www.aicpa.org/members/div/ethics/2005_0617_omnibus_ED.htm.

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The AICPA Auditing Standards Board has issued eight proposed Statements on Auditing Standards to provide guidance on the auditor's assessment of the risks of material misstatement in a financial statement audit, and the design and performance of audit procedures whose nature, timing and extent are responsive to the assessed risks.

View the draft at www.aicpa.org/members/div/auditstd/2005_06_15_risk_assess_2.htm.

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