Audit Watchdog Reworks Rules On Insider Deals

Law360, Chicago (May 7, 2013, 10:24 PM EDT) -- An accounting regulator on Tuesday rolled out revamped auditing standards for deals involving corporate insiders and other “unusual transactions” that have been a wellspring of fraudulent activity in recent years.

The Public Company Accounting Oversight Board's new standard on "related-party" transactions — which involve executives, large shareholders or their family members — was first proposed last year, along with associated amendments to existing standards. After receiving public comments from auditors, government agencies and interest groups, the board modified its proposal and is now opening up a second round...
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