SEC Approves PCAOB Accounting Rules

Law360, New York (April 21, 2006, 12:00 AM EDT) -- Public accounting firms must remain independent of their auditor clients throughout the audit period, according to ethics and independence rules passed by the Public Company Accounting Oversight Board and recently approved by the U.S. Securities and Exchange Commission.

The rules prohibit registered public accounting firms from entering contingent fee agreements with their clients to provide tax services, on the grounds that “provision of tax services impairs an auditor’s independence.”

Any non-audit services must be pre-approved by the audit committee, in accordance with a requirement set forth...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.