AICPA to comment on PCAOB proposal on auditor independence and tax services.
Position | Regulatory matters |
The AICPA's reaction was generally favorable to the rule proposed by the Public Company Accounting Oversight Board concerning tax services that can be offered to public company audit clients, but the Institute will submit a comment letter on the Dec. proposal. Four circumstances are identified in the proposal that would be considered as impairing an auditor's independence. They are entering into contingent Fee arrangements with the client, providing services related to planning or opining on the tax consequences of a transaction that the Treasury Department has said is a listed or confidential transaction, providing "'aggressive tax planning" or providing tax services to officers in a financial reporting oversight role of an audit client.
"Aggressive tax planning" is defined to be any planning or opinion that meets of all the following four tests: (1) the audit firm provides any service related to the plan or opinion: (2) the idea was not initiated by the client: (3) a significant purpose of the idea was to avoid taxes: and (4) the plan has a less than 50-50 chance of prevailing if challenged by the Internal Revenue Service.
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