The Public Company Accounting Oversight Board will delay implementation for one part of a rule relating to professionals who provide both tax and audit services to companies.Adopted in July 2005, Rule 3523, “Tax Services for Persons in Financial Reporting Oversight Roles,” went into effect on Oct. 31. The rule prohibits auditors from providing tax services to certain members of management who serve in financial reporting oversight roles at an audit client.

At the time of adoption, the PCAOB said that the rule would apply to all tax services performed during the “audit and professional engagement period.” As part of this week’s announcement, the board said that it will be revisiting the application of the rule to the period before a firm becomes the auditor of record -- the "audit period."

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