The compromise resulted in shorter tenures for lead audit partners and more detailed rules for other members of the engagement team instead of the audit firm rotation requirement, considered more onerous by the industry and its clients.
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Earlier this year it agreed to change its labor practices after an outside audit found widespread breaches of work rules, including 60-hour workweeks and regarding health and safety.
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The independence rules around provision of tax services to audit clients are a little trickier.
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Some private equity firms, like Blackstone, are public companies and are required under SEC rules to have a registered public accounting firm audit.
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Though the FTC's strengthened protections would govern private companies, hospitals and insurers would fall under the far looser regulations created in May by HHS. Those rules allow the company to avoid breach disclosures if an audit firm decides that a breach didn't constitute a real privacy risk.
The Audit Commission - which monitors local government spending - said it did not impose inflexible rules, it merely recommended cost-effective practices.
The company had offices in London and Miami, and because Fluxman knew both British and American accounting rules, he was able to square the books and save a bundle in audit fees.
According to AICPA rules for auditor independence, PwC can support software development and implementation for its audit client if that system is not the financial accounting software that produces the books and records the firm will audit.
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This makes it difficult to audit the firewall, especially since many of the policies are not well documented, and too many rules can impact performance.
The Audit Commission's report warned the Labour-controlled council it must improve in its compliance with contract procedure rules, demonstrating good value for money, reporting to elected members and dealing with whistleblowers.
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