PCAOB adopts ethics and independence rules.

• Position: National

The PCAOB adopted ethics and independence rules addressing tax services, contingent fees, and related ethics and independence standards. The rules limit the ability of accounting firms to offer tax services to public company audit clients.

The ethics and independence rules adopted include:

1. Conditions under which a registered public accounting firm is treated as independent of an audit client.

2. Implementation of the pre-approval requirement.

3. Ethics of persons associated with a registered public accounting firm regarding an omission of knowledge.

The PCAOB also adopted Auditing Standard No. 4, which deals...