Mar 22, 2021
When it comes to applications for Paycheck Protection Program loans or PPP loan forgiveness, a one-size-fits-all approach to assisting clients won’t work. Some clients will need more help than others, and there are ethical implications for how CPAs provide that assistance. Iryna Klepcha, CPA, and Toni Lee-Andrews, CPA/PFS, CGMA, of the AICPA’s Professional Ethics Division discuss some of the ethical questions that have surfaced as CPAs are assisting clients with PPP loan and forgiveness applications. Their guest is Kelly Hunter, CPA, shareholder at FRK & Co. and a member of the AICPA’s Professional Ethics Executive Committee (PEEC).
What you’ll learn from this episode:
- Why AICPA guidance has changed since PPP applications were first available.
- How firms can maintain independence when assisting with preparation of documents for nonattest clients.
- Details on scenarios CPAs could face when clients ask them for assistance with PPP loan forgiveness applications.
- More from Hunter on his advice: “Don’t impair independence if you don’t have to.”
- Some of the questions coming into the AICPA’s Professional Ethics Division hotline.