Communication with Audit Committees About Independence.The PCAOB PCAOB Public Company Accounting Oversight Board voted to adopt Rule 3526, Communication with Audit Committees Concerning Independence, to enhance communication between audit committees and registered firms regarding the firm's independence. Rule 3526 will require a registered public accounting firm, before accepting an initial engagement pursuant to the standards of the PCAOB. to describe in writing to the audit committee all relationships between the firm or any of its affiliates and the issuer or persons in a financial reporting oversight
Oversight may refer to:
Registered firms also will be required to discuss with the audit committee the potential effects of any such relationships on the firm's independence. Rule 3526 will require firms to make a similar communication annually for continuing engagements. If approved by the SEC, Rule 3526 will supersede To obliterate, replace, make void, or useless. Supersede means to take the place of, as by reason of superior worth or right. A recently enacted statute that repeals an older law is said to supersede the prior legislation. the PCAOB's interim independence requirement. Independence Standards Board Standard No. 1, Independence Discussions with Audit Committees, and two related interpretations. Learn more at http://pcaobus.org/News_and_Events/News/2008/04-22.aspx. [ILLUSTRATION OMITTED] |
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