Section 201(g)(2)
of the
Sarbanes-Oxley
Act specifically prohibits audit firms of publicly-held entities from providing
certain non-audit (consulting) services to their clients. Of the nine non-audit
services listed, item number two is defined as:
"financial
information systems design and implementation"
If you are a publicly-held entity and your audit
firm is also acting as your IT consultant, you should carefully review the Sarbanes-Oxley
Act. The Government Accounting Office's recent revisions to Government
Auditing Standards (GAGAS Amendment 3, effective January 1, 2003) may also impact the
independence of auditors providing non-audit services to governmental entities.
The technology management services listed above
are offered according to the AICPA's
Statements on Standards for Consulting
Services.
These are not assurance or attestation services. |
|