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PCAOB proposes ethics and independence rules

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

14 Dec 2004

The US Public Company Accounting Oversight Board (PCAOB) has proposed certain ethics and independence rules for public comment.

The rules, which relate to tax services provided to audit clients and contingent fees, would apply to audits of all listed companies, including foreign SEC registrants. Click for link to Press Release on PCAOB Website. The PCAOB's proposal is supported by SEC Chief Accountant Donald T. Nicolaisen. The SEC's Announcement said: "Although the Commission historically has adopted its own rules and interpretations regarding auditor independence issues - and will continue to provide companies and audit committees with guidance on independence issues - Nicolaisen stated that he looks forward to the PCAOB fulfilling its role and becoming the primary standard-setter and source of guidance to auditors on these issues."

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