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New PCAOB ethics and independence rules

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

22 Apr 2006

On 19 April 2006, the US Securities and Exchange Commission approved the rules on auditor ethics, independence, and tax services that had been adopted by the Public Company Accounting Oversight Board (PCAOB).

The rules establish a general obligation requiring a registered public accounting firm and its associated persons to be independent of the firm's audit clients throughout the audit and professional engagement period. The rules identify circumstances in which the provision of tax services impairs an auditor's independence, including services related to marketing, planning, or opining in favor of the tax treatment of, among other things, transactions that are based on aggressive interpretations of applicable tax laws and regulations. Click for:

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.