The Public Company Accounting Oversight Board has scheduled a meeting for Tuesday and will vote on finalizing two rules proposed in December and March. One rule deals with auditor independence and tax shelters, while the second concerns weak internal controls.
The first rule, relating to the provision of tax services and suggested in December, would identify a number of circumstances under which an auditor's independence could be considered impaired. The rule would also lay out an explicit restriction barring corporate auditors from providing tax shelter advice to clients.
The second rule, proposed in March, would finalize a standard for reports on a client's previously reported internal control weakness. The rule would establish requirements that apply once an auditor is hired to officially report on the exposed internal controls problems. The rule would also provide directions if such problems continue to exist after a date specified by management.
The meeting is open to the public and will be Web cast at the PCAOB's Web site, www.pcaobus.org. The full text of the rules is also available on the Web site.
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