PCAOB Amends Tax Services Rule; Adopts New Rule on Communication With Audit Committees

Posted by accountingweb on Apr 22 2008 1007 printer friendly

By Edith Orenstein, FEI Financial Reporting Blog -Earlier today, the Public Company Accounting Oversight Board (PCAOB) voted to adopt an amendment to its Rule 3523, Tax Services for Persons in Financial Reporting Oversight Roles, to exclude from the scope of the rule tax services provided during the portion of the audit period that precedes the beginning of the professional engagement period. In addition, the PCAOB voted to adopt a new rule, 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. Read more here.

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FEI Financial Reporting Blog provides highlights from SEC, PCAOB, FASB, IASB, and other regulatory news, including reporting under Sarbanes-Oxley Sect 404. It is written by Edith Orenstein, Director of Technical Policy Analysis at FEI

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