SEC Final Rules Adopted Pursuant to Sarbanes-Oxley Act of 2002 -- Strengthening Auditor Independence
- Topics:
- Sarbanes Oxley Compliance
- Tags:
- Accounting,
- Accounting Company,
- Audit,
- Finance,
- Financial Accounting,
- Hinshaw & Culbertson,
- Sarbanes-Oxley Act,
- SEC
- Source:
- Hinshaw & Culbertson
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Overview: The new measures, under the new act, will require that certain partners on the audit engagement team rotate after no more than five or seven consecutive years, depending on the partner’s involvement in the audit, except that certain small accounting firms may be exempt from this requirement; it says that an accounting firm would not be independent if certain members of management of that issuer had been members of the accounting firm’s audit engagement team within the one-year period preceding the commencement of audit procedures. Apart from these the issues like non-audit services, audit committee pre-approval of services provided by auditor, disclosures to investors of services provided by the auditor, and foreign considerations are also discussed.
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Format: HTML | Date: Jan 2003 | Pages: 1
