Tax services face ban in US
Lucrative tax services provided by auditors could be next in the firing line according to one of the newly elected US watchdogs.
According to reports, Daniel Goelzer believes the Sarbanes-Oxley Act in the US could clamp down on tax advice given by accountancy firms to their audit clients as well as other money-spinning consultancy areas.
‘Many non-audit tax services’ now may well be prohibited, including tax services relating to appraisals, valuations, actuarial services, tax controversy representation, legal services and expert witness services,- Goelzer will say in an article written for The Tax Executive, according to the Financial Times.
The views of Goelzer, who became one of five people appointed to the new public oversight board set up in the wake of accounting scandals in the US, will raise further concerns over the implementation of the Sarbanes-Oxley Act, which gives wide interpretation powers to the oversight board and the US Securities & Exchange Commission.