November 05, 2004
U.S. Accountants Will Be Required to Report Outsourcing
Some U.S. accounting firms have outsourced their work to professionals in India. The American Institute of Certified Public Accountants announced Thursday that soon these firms will be required to report outsourcing to their clients.
According to CNN:
Lisa Snyder, AICPA's director of ethics, said the accountants' body had to rewrite its 20-year old charter of ethics to incorporate this change.
Certified Public Accountants using third-party service providers are also required under the new rules to enter into a contractual agreement with the third-party service provider to maintain the confidentiality of the client's information.
The new rules take effect for all professional services performed on or after July 1, 2005.
Read more: Accountants must report outsourcing
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