PCAOB Expands Independence Guidelines
- Friday, October 4, 2013
Contact: Sherwin Brook; BrookWeiner L.L.C. (Illinois, USA)
The PCAOB has been running seminars around the country and one of the main topics of discussion was the indepence rule which prohibited the auditor of companies including broker dealers, mutual funds and hedge funds from assisting and or preparing the financial statement which are submitted to regulatory authorites.
Such entities need to either prepare their own financial statements or have an independent auditing firm do so in order for opining firm to be deemed independent.
PCAOB has been coming down hard on firms that fail to comply with this ruling.
The financial statments are unique to the entities and only firms that are experienced in such reporting should attempt to assist in preparation of such.
BrookWeiner LLC is a PCAOB peer reviewed and inspected firm and we are available to assist members of TIAG in addressing the independence issue.