PCAOB Proposal to Limit Tax Services

The Ohio Society of CPAs and Accounting Today report that under a PCAOB proposal, CPAs would not be independent of their audit clients if they:

Enter a contingent fee arrangement.
Promote a tax transaction that is “listed or confidential under Treasury regulations, or uses an “aggressive interpretation of the tax laws.”
Provide tax services to corporate officers who have a financial reporting oversight role.

The proposal is less restrictive than what had been recommended by some consumer advocate groups.

For more, see