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    Auditor independence and tax practitioners

    Creighton Authors
    Purcell, Thomas J., III

    Admin. Units
    School of Law; College of Business Administration; Accounting

    Subjects
    Accounting firms; Auditors; Accountants; Financial statements

    Title
    Auditor independence and tax practitioners

    Authors
    Purcell, Thomas J., III; Lifson, David

    Journal
    Journal of Accountancy

    Volume
    191

    Issue
    6

    Pages
    71-74

    Date
    2001, June

    Metadata
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    Link
    Check for Full-Text (may not be available)

    Other Link(s)
    Library Catalog

    URI
    http://hdl.handle.net/10504/47175
    Citation
    Thomas Purcell & David Lifson, Auditor Independence and Tax Practitioners, J. Acct., June 2001, at 71.

    Abstract
    The article discusses the impact of new auditor independence rules on accounting firms. The Securities and Exchange Commission (SEC) of the United States formulated a new auditor independence rule, which came into effect on February 5, 2001. The rule identifies certain nonaudit services that, if provided to an audit client, would impair independence. The SEC was motivated to replace the existing independence rules to protect the reliability and integrity of the financial statements of public companies. It felt significant structural changes in the accounting profession, including reorganizations and consolidations as well as demographic changes in society, necessitated revising the rules (last amended in 1983) to keep them relevant effective and fair. The new rules focus on certain areas that might impair independence. There is a chance that a national independence standard could emerge for all certified public accountants (CPA), not just those with SEC clients. The rule creates a safe harbor for otherwise proscribed activity if a CPA firm has a satisfactory quality control system designed to ensure compliance. The disclosure requirements focus on the nature and magnitude of the otherwise allowable non-audit services auditors provide to audit clients.
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