The Federal Trade Commission has yet to begin enforcing a 2003 law aimed at curbing identity theft. The agency pushed back the deadline for enforcement to June 1, 2010, marking the fourth time the FTC has delayed implementing the so-called "Red Flags" rule. The rule would require 11 million businesses to look for certain warning signs that may signal identity theft. Read the AICPA lawsuit that seeks to block the rule's application to CPAs and the related news release. Also, in anticipation of the enforcement, the AICPA developed a practice guide for members that provides guidance on developing an Identity Theft Prevention Program as required by the rule.
Published in Brief: