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SEC’s Nicolaisen Welcomes PCAOB Involvement in Independence Standards-Setting

SEC’s Nicolaisen Welcomes PCAOB Involvement in Independence Standards-Setting

by Rick Turoczy on December 17, 2004

In response to the Public Company Accounting Oversight Board (PCAOB) action earlier this week, proposing certain ethics and independence rules for public comment, the Commission’s Chief Accountant, Donald T. Nicolaisen, noted that he welcomed PCAOB involvement in this important area.

The PCAOB’s proposed rules grew out of its public roundtable on auditor independence held in July, and address issues relating to tax services and contingent fees.

“It’s appropriate that the PCAOB play a robust role in the area of auditor independence,” Nicolaisen stated. “Since the passage of the Sarbanes-Oxley Act in 2002, there have been many questions about the types of services auditors may provide without compromising their independence, especially with respect to tax services. PCAOB guidance in this area will be helpful to audit committees, in particular, as they consider these issues.”

SEC’s Nicolaisen Welcomes PCAOB Involvement in Independence Standards-Setting

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