Private Equity:Getting Picked for PE

Private Equity:

Getting Picked for PE

Private equity’s increasing investment in accounting firms is causing anxiety amongst regulators, but can PE and proper oversight coexist?

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1. How confident are you that private equity understands the ethical responsibilities of the accounting profession?

2. Do you worry about PE’s impact on the quality of either attest or non-attest work? If so, what in particular do you believe could undermine that quality?

3. What, if anything, concerns you about alternative practice structures?

4. In your opinion, what are the necessary steps firms should take following PE investment in order to avoid confusing the public about how they are now configured?

5. In an alternative practice structure, do you believe CPAs who work for the non-attest entity should be allowed to present themselves as CPAs?

6. Do you believe that employees from the non-attest entity within a PE-owned firm should abide by AICPA independence rules when performing non-attest services for the attest firm’s clients?

7. How serious do you feel the potential dangers are of PE interests or investors becoming attest clients via the non-attest firm in which they now have a share?

8. What steps or process would you advise NASBA to take to help you and other regulators address PE’s involvement in accountancy?

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