Some accountants in Illinois are feeling the impact of Sarbanes-Oxley even though they don't have any public companies as clients, because of a recent amendment to the Illinois Public Accounting Act by Public Act 93-683.
CPAs in Illinois are now prohibited from providing the non-auditing services referenced in Sarbanes-Oxley to a private company if the CPA or CPA firm is contemporaneously providing auditing services to the client, and that client has annual revenues exceeding $50 million, or more than 500 employees. An exception is made if, prior to the commencement of the engagement, the CPA provides a prescribed written notice to the company and the president or CEO of the company signs an acknowledgement that the company is aware of this and agrees to it. Summaries of Public Act 93-683 are found at www.icpas.org and www.cpai.com.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access