Forget the accountants for a minute -- the new accounting oversight board wants to make sure its board and staff is beyond reproach. The Public Company Accounting Oversight Board adopted strict rules this week to ensure that the actions of its board and staff will never come under a cloud of suspicion.
Among the strictures – the board, staff and their spouses cannot either owe, or be owed any money from a former employer or client, cannot receive any income from a public accounting firm, and can’t even do volunteer work if that work could be perceived as affecting their work for the PCAOB.
The rule must now be approved by the Securities and Exchange Commission.
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