smartpros<\/a>) ? the proposed independence rules from the securities and exchange commission are less radical than the big five might have you believe. <\/p>\nthe big five and elements of the american institute of cpas assert that sec chairman arthur levitt’s plan would force the breakup of the world’s largest accounting firms. but in fact the guidelines closely track traditional values and existing rules within the profession. levitt’s proposal is not much more than a strong reminder.<\/p>\n
look at parts of the most controversial section, non-audit services, verbatim: <\/p>\n
“bookkeeping or other services related to the audit client’s accounting records or financial statements. when an accounting firm provides bookkeeping services for an audit client, the auditor auditing the client’s financial information may be auditing his or her accounting firm’s work. <\/p>\n
“financial information systems design and implementation. designing and implementing a hardware or software system used to generate information that is significant to the audit client’s financial statements may create a mutual interest between the client and the accountant in the success of that system, supplant a fundamental business function, or result in the accountant auditing his or her own work. <\/p>\n
“appraisal or valuation services, fairness opinions, or contribution-in-kind reports where there is a reasonable likelihood that the accountant will audit the results. valuing assets and liabilities or opining on the adequacy of consideration in a transaction may create a situation where the auditor reviews his or her own work, including key assumptions or variables that underlie an entry in the financial statements. <\/p>\n
“actuarial services. providing any advisory services involving the determination of policy reserves and related accounts, unless the audit client uses its own actuaries or third party actuaries to provide management with the primary actuarial capabilities, may affect amounts reflected in an audit client’s financial statements and may result in an accountant auditing his or her own work. <\/p>\n
“internal audit outsourcing. companies sometimes “outsource” internal audit functions by contracting with an outside source to perform all or part of their audits of internal controls. since the external auditor generally will rely, at least to some extent, on the internal control system when conducting the audit of the financial statements, the auditor would be relying on a system he or she helped to establish and maintain. there also may well be a mutuality of interest where management and external auditor may become partners in creating an internal control system and share the risk of loss if that system proves to be deficient. this proposal does not include nonrecurring evaluations of discrete items or programs that are not in substance the outsourcing of the internal audit function. it also does not include operational internal audits unrelated to the internal accounting controls, financial systems, or financial statements. <\/p>\n
“management functions. when the accountant acts, temporarily or permanently, as a director, officer, or employee of an audit client, or an affiliate of the audit client, or performs any decision making, supervisory, or ongoing monitoring functions, the accountant becomes part of the very entity he or she is auditing. <\/p>\n
“human resources. recruiting, advising clients about organizational structure, developing employee evaluation program, or conducting testing of employees may create a mutuality of interest with the audit client in the success of the employees the auditor selected, tested or evaluated. <\/p>\n
“broker-dealer, investment adviser, or investment banking services. serving as a broker-dealer, promoter, underwriter, investment adviser, or analyst of an audit client’s securities will create a mutuality of interest with the audit client in enhancing the value of the securities portfolio. in addition, providing advice and recommendation in this realm often places the auditor in the position of promoting the client’s securities. <\/p>\n
“legal services. a lawyer’s core professional obligation is to advance clients’ interests. this fundamental obligation is incompatible with the independence required of an auditor. <\/p>\n
“expert services. an accountant who renders or supports expert opinions in legal, administrative, or regulatory filings or proceedings creates, at the very least, the appearance that the accountant acts as an advocate.” <\/p>\n
if there’s an auditing firm that can’t live with the gist of these rules, maybe it’s not really an auditing firm. <\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
by: rick telberg june 30, 2000 (smartpros) ? the proposed independence rules from the securities and exchange commission are less radical than the big five might have you believe. the big five and elements of the american institute of cpas … continued<\/a><\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"129943,138048,129835,133028,130682,128216","_relevanssi_noindex_reason":"","footnotes":""},"categories":[8],"tags":[],"class_list":["post-127","post","type-post","status-publish","format-standard","hentry","category-resources"],"acf":[],"yoast_head":"\nlevitt appeals to traditional cpa values in new auditor rules - 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