The Public Company Accounting Oversight Board today adopted certain ethics and independence rules addressing tax services, contingent fees, and certain related general ethics and independence standards.
The Board also adopted an auditing standard on reporting on whether a previously reported material weakness continues to exist. This standard, PCAOB Auditing Standard No. 4, establishes requirements and provides direction that applies when an auditor is engaged to report on whether a previously reported material weakness in internal control over financial reporting continues to exist as of a date specified by management.
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