PracticeAuditPCAOB urged to take lead on auditor independence

PCAOB urged to take lead on auditor independence

As the deadline for non-US audit firms to register with the US Public Company Accounting Oversight Board passes today, one of the US's most senior accountants has called on the watchdog to take the lead on auditor independence issues.

Link: France set to impose auditor restrictions

Donald Nicolaisen, Securities & Exchange Commission chief accountant said during a PCAOB roundtable last week, that although the SEC will continue to provide companies and audit committees with guidance on auditor independence, he expects the PCAOB to expand its role and become the primary source of guidance.

The comments came during a PCAOB roundtable last week to reconsider whether firms should be able to offer tax services to their audit clients. Nicolaisen added that he expected that ‘a great number of the independent interpretative issues that currently are handled by my office appropriately will migrate to the PCAOB’.

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