PCAOB to Consider New Ethics and Independence Rule

The Public Company Accounting Oversight Board plans to hold an open meeting on April 22 to consider adopting a new ethics and independence rule concerning communications with audit committees that would supersede the board's interim independence requirement. The rule would require a registered public accounting firm to communicate to an issuer's audit committee about any relationships between the firm or any of its affiliates and the issuer or persons in financial reporting oversight roles at the issuer that may reasonably be thought to bear on the firm's independence. In addition, the board will consider adopting an amendment to its rule on tax services for persons in financial reporting oversight roles that would exclude from the scope of the rule tax services provided during the portion of the audit period that precedes the beginning of the professional engagement period.

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