AICPA Issues New Forensic Services Standards

Currently litigation services provided by CPAs in Texas are governed by the ethical and consulting services standards issued by the AICPA. Effective next year, a specific litigation professional standard will come into place. This Statement on Standards for Forensic Services codifies ethical standards and replaces consulting standards for forensic services. The scope includes investigations outside litigation. The standard will be important when evaluating reports and testimony by a CPA. The new standard eliminates agreed-upon procedures as a form of expert opinion. Additionally , the new standard applies in conjunction with the valuation standard when a valuation is performed in litigation.

You can view the AICPA’s entire statement below.