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Americans – New U.S. independence rules may affect you

Many senior executives have engaged the same accounting firm that audits the company for which they work to provide personal tax services. Such services range from annual tax return preparation to more extensive personal tax and estate planning.

On July 26, 2005, the Public Company Accounting Oversight Board (PCAOB) in the United States adopted ethics and independence rules to govern the provision of certain tax services to Securities Exchange Commission (SEC) registered audit clients of accounting firms. The rules are expected to be approved by the SEC in mid-January 2006. Upon the approval of these rules, certain tax services offered by the company’s audit firm to its senior executives may be prohibited.



 
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