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PCAOB Considers Adopting New Ethics and Independence Rule Concerning Communications with Audit Committees and Amending its Existing Tax Services Rule

PCAOB Considers Adopting New Ethics and Independence Rule Concerning Communications with Audit Committees and Amending its Existing Tax Services Rule

by Toby Lucich on April 17, 2008

The Public Company Accounting Oversight Board has scheduled an open meeting for Tuesday, April 22, at 9:30 a.m. in the Board’s open meeting room at 1666 K St. NW, Washington, DC.

The Board will consider adopting Rule 3526, Communication with Audit Committees Concerning Independence, which would supersede the Board’s interim independence requirement, Independence Standards Board Standard No. 1, Independence Discussions with Audit Committees. The rule would require a registered public accounting firm to communicate to an issuer’s audit committee about any relationships between the firm or any of its affiliates and the issuer or persons in financial reporting oversight roles at the issuer that may reasonably be thought to bear on the firm’s independence. The communication would be required both before the firm accepts a new engagement pursuant to the standards of the PCAOB and annually for continuing engagements.

Board to Consider Adopting New Ethics and Independence Rule Concerning Communications with Audit Committees and Amending its Existing Tax Services Rule

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