In a joint statement, the American Institute of CPAs, the Securities Industry Association and the Bond Market Association said they would start anew discussions on auditor due diligence.
I n mid-October, a number of trade groups went public with auditor guidance outlined by the AICPA in a draft white paper, while several Wall Street organizations went to the federal government with their own concerns. The AICPA guidance reportedly recommended that auditors remain silent during "due diligence" meetings with underwriters, before securities are sold to the public.
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