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When is an auditor independent? Ask the PCAOB

The Public Company Accounting Oversight Board (PCAOB) has approved two proposals designed to clarify possible conflicts of interest between a public auditing firm and a potential client by increasing transparency

By Staff Writer | Updated on April 22, 2008

The Public Company Accounting Oversight Board (PCAOB) has approved two proposals designed to clarify possible conflicts of interest between a public auditing firm and a potential client by increasing transparency of existing relationships.

First, it approved Rule 3526, which, if endorsed by the Securities and Exchange Commission (SEC), would require auditing firms to inform audit committees in writing of any relationships that could impair the auditor’s impartiality. The disclosure would reveal all ties between the firm, or its affiliates, and the potential client, or those that have a financial reporting oversight role there, that could challenge its independence.

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