New York (Jan. 23, 2004) -- While Sarbanes-Oxley restricts outside auditors from performing certain non-audit services for clients, it’s the responsibility a company’s audit committee to go beyond the prohibited services and to determine any independence issues, the Securities and Exchange Commission’s deputy chief accountant told a group of CPAs.
“An audit committee needs to know exactly what a non-audit service is and not pre-approve it,” Scott Taub told several hundred CPAs who attended the New York State Society of CPAs’ SEC/FASB conference, here. “For instance, if you have something listed as ‘tax services over $500,000.’ That’s really not enough [information] for an audit committee to make a real analysis.”
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