PCAOB acts to curb conflicts of interest
CORPORATE GOVERNANCE
The Ethics and independence rules concerning independence, tax services, and contingent fees are the first rules to restrict accounting firms' engagement as tax and audit consultants for the same client.
The rules, issued at the end of July, are to promote the ethics and independence of registered public accounting firms that audit financial statements of US public companies.
Audit firms had been criticised for providing certain tax services, including tax shelter products, to senior executives
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