It’s official. The most wide-ranging and tough legislation to crack down on corporate fraudsters was signed into law this week by President Bush.

The bill will have profound implications for the tax and accounting industry, most especially for firms who count public companies among their most valuable clients.

It transfers oversight from within the accounting industry to an independent board, forces accounting firms to limit the amount of consulting work they do for audit clients, and creates stiff penalties for top executives who try to deceive shareholders and the government via financial reports.

For a summary of the new bill and what it means for tax and accounting professionals, click here

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