HOME    SEARCH    ABOUT US    CONTACT US    HELP   
           
This is an obsolete version of the rule. Please click on the rule number to view the current version.

24.201.704    INDEPENDENCE

(1) Independence, where required by professional standards, is essential to establishing and maintaining the public's faith and confidence in, and reliance on, the information reported on by the licensee, permit holder, or practice privilege holder. A licensee, permit holder, or practice privilege holder in the practice of public accounting shall be independent in fact and appearance when engaged to provide services where independence is required by professional standards.

(a) Independence in fact is the state of mind that permits a licensee, permit holder, or practice privilege holder to perform an attest service without being affected by influences that compromise professional judgment, thereby allowing the licensee, permit holder, or practice privilege holder to act with integrity and exercise objectivity and professional skepticism.

(b) Independence in appearance is the avoidance of circumstances that would cause a reasonable and informed third-party, having knowledge of all relevant information, to reasonably conclude that the integrity, objectivity, or professional skepticism of the licensee, permit holder, or practice privilege holder had been compromised.

 

History: 37-1-131, 37-50-203, MCA; IMP, 37-1-131, 37-50-203, 37-50-325, MCA; NEW, 1980 MAR p. 2971, Eff. 11/29/80; TRANS, from Dept. of Prof. & Occup. Lic., Ch. 274, L. 1981, Eff. 7/1/81; AMD, 1984 MAR p. 961, Eff. 6/29/84; TRANS, from Commerce, 2005 MAR p. 2668; AMD, 2009 MAR p. 9, Eff. 1/16/09; AMD, 2010 MAR p. 2574, Eff. 10/29/10.

Home  |   Search  |   About Us  |   Contact Us  |   Help  |   Disclaimer  |   Privacy & Security