On December 29, 2025, the American Institute of Certified Public Accountants (AICPA) Professional Ethics Executive Committee (PEEC) released an exposure draft proposing substantial revisions to its Code of Professional Conduct governing alternative practice structures (APS), which govern investments in accounting firms by private and public investors. The proposals represent the most significant regulatory development for private equity-backed accounting firms since PEEC first adopted APS guidance in 2000. This exposure draft follows a March 2025 discussion memorandum that resulted in the submission of 36 comment letters and extensive stakeholder engagement from accounting firm executives, state boards of accountancy, insurance liability carriers, accounting firms, academia, professional associations, and legal counsel for private equity sponsors.

In this post, we will discuss how an adviser can comply with the Custody Rule in connection with investing/trading in crypto assets on behalf of clients.

For most plan sponsors, October 15 is the extended deadline for filing the Form 5500 with the U.S. Department of Labor (DOL). As the deadline approaches, plan sponsors often spend considerable time working with the auditor to obtain the final audit report.