Santa Fe, N.M. (Feb. 28, 2003) -- In the latest drawback for state level accounting reform legislation inspired by the national Sarbanes-Oxley law regulating public company audits, a legislative bill in New Mexico that would ban practitioners from providing non-audit services to public and privately-held audit clients has failed to make it to a committee for further consideration. .
Failure to make it to committee means the bill "will be heard of no further this legislative session," said Gari Fails, president of the New Mexico Society of CPAs. The bill, proposed by a Sante Fe Democrat , would prohibit licensed public accountants from performing audit services for a client if the firm, or an affiliate of the firm, had performed consulting services for the same client within the past three years.
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