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SEC Accountant Strips Auditors of Tax Fees

Auditors can no longer use a loophole to claim contingency fees for their clients tax savings.

> > The top accountant of the SECissued an auditor-independence rules clarification that conflicts with the way accounting firms use the rules to justify charging audit clients contingent fees for tax advice.
The crux of the dispute is: Under contingent-fee deals, accounting firms charge clients a percentage of the amount of money they save as a result of advice from their auditor. This can work out to millions of dollars for large corporations.
Source: CFO


Published:2004-05-25
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