Sarbanes-Oxley Regulation- Non-Audit Services by Independent Accountants
- Topics:
- Sarbanes Oxley Compliance
- Tags:
- Accounting,
- Accounting Company,
- Audit,
- Finance,
- Financial Accounting,
- Financial Services,
- Operational Accounting,
- Regulation,
- Sarbanes-Oxley Act
- Source:
- Reed Smith
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Overview: On January 22, 2003, the Securities and Exchange Commission adopted final rules to carry out the provisions of the Sarbanes-Oxley Act of 2002, restricting the types of non-audit services which auditing firms may provide to their audit clients, and imposing audit committee approval requirements and corporate disclosure obligations with respect to audit and non-audit services. The statutory provisions are applicable to non-audit services provided by “registered public accounting firms.” Section 2(a)(12) of the Sarbanes-Oxley Act defines “registered public accounting firm” as a public accounting firm registered with the Public Accounting Oversight Board established under Section 101 of the Act. There has yet been no SEC determination and no registration by public accounting firms. Since there are no “registered” public accounting firms, the statutory provisions restricting non-audit services of registered public accounting firms are not yet operational. However, unlike the statutory provisions, the final rules adopted by the SEC are not limited to registered public accounting firms.
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Format: PDF | Size: 42KB | Date: Mar 2003 | Pages: 7
