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Sarbanes-Oxley - Did you
know? |
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If your Bank is regulated by the SEC, it is "unlawful" for the
registered public accounting firm to provide any non-audit services
to an issuer contemporaneously with the audit, including:
- bookkeeping or other services related to the accounting records
or financial statements of the audit client;
- financial information systems design and implementation;
- appraisal or valuation services, fairness opinions, or contribution-in-kind
reports;
- actuarial services;
- internal audit outsourcing services;
- management functions or human resources;
- broker or dealer, investment adviser, or investment banking
services;
- legal services and expert services unrelated to the audit;
- any other service that the Board determines, by regulation
is impermissible.
The external auditor can continue to:
"engage in any non-audit service, including
tax services," that are not listed above. The external
auditor can only engage in any activity if it is pre-approved
by the audit committee.
Section 201 of the Sarbanes-Oxley Act of 2002
- For more information on the Sarbanes-Oxley Act of 2002, visit
this website.
Contact Nichols,
Cauley & Associates by Email, phone,
or online form
with your questions.
Site visitors should keep in mind that
the content is generally designed to be of general
applicability. Particular state laws, regulations
and special contractual provisions can greatly impact
rights, responsibilities and legal obligations. Only
a competent attorney, accountant or other professional
looking at all the pertinent facts and circumstances
of a particular situation can provide definitive
guidance for you. Please refer to our important legal
discalimer which can be accessed from the bottom
of any BankAudit.net webpage.
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