PracticeAuditUS auditor restrictions on the cards

US auditor restrictions on the cards

A powerful US financial panel has urged companies to restrict the tasks they give to outside auditors in order to improve corporate governance, auditing and accounting practices.

Link: US audit watchdog bares its teeth

Among advice that the Conference Board Commission on Public Trust put across at a New York summit was for companies to restrict the amount of tax advice they commission.

‘The Commission recommends against public audit firms performing services that put them in an advocacy position such as proffering novel and debatable tax strategies and products that involve income tax shelters and extensive off-shore partnerships or affiliates,’ a statement reads.

It also says that some of the changes may ‘call for a rotation of audit firms’.

The age-old argument of splitting the roles of chairman of the board and CEO was again brought up.

The Conference Board is chaired by Peter Peterson, founder of the Blackstone Group, and John Snow, the newly appointed Treasury secretary.

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