Style and Drafting Conventions
In an effort to make the revised AICPA Code easier to read, understand, and apply the standard style and drafting conventions were used.
In addition, to further integrate the conceptual frameworks, certain provisions of the revised AICPA Code were recast to enhance the reader’s understanding of the provision by providing further context into such things as what threats are present and what safeguards are effective. Recasting did not change the substance of the existing provisions by allowing the application of judgment where none is permitted today. For example, if a covered member holds stock in an audit client, the only safeguard that would eliminate or sufficiently mitigate the “financial self-interest” threat to independence would be to eliminate the interest or cease being a “covered member” – the same requirement as under today’s rule. Thus, recasting did not weaken the rule or allow for judgment where none is permitted today.
To understand the style and drafting conventions used as well as the drafting guidelines for integrating the conceptual frameworks into the revised AICPA Code, consult the AICPA Codification Drafting Guide.