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Independence rules of the SEC, PCAOB, GAO and DOL

AUD Chapter 2 · Area I · Blueprint I.A.2–3

Chapter 1 gave you the AICPA rules. Three other rule-makers add their own on top: the SEC and PCAOB for public companies, the GAO for government audits, and the DOL for employee benefit plans. The exam tells you which type of client it is, then checks whether you switch to the stricter rulebook.

In this chapter

1. Which rulebook? Start with the client
2. Sarbanes-Oxley in one page
3. The SEC's four basic tests
4. Services an auditor cannot provide to an issuer
5. The audit committee is in charge
6. PCAOB limits on tax services and fees
7. Partner rotation, cooling off and pay
8. The GAO Yellow Book
9. The Department of Labor rules for benefit plans

This chapter has 9 lessons, 50 practice MCQs with explanations and 10 simulations, plus flashcards and a recall sheet.

What this chapter covers

• Extra rules for issuer audits
• prohibited nonaudit services
• partner rotation
• Yellow Book independence
• DOL rules for employee benefit plan audits

Chapter 1: Ethics and independence under the AICPA Code · Chapter 3: Professional skepticism and professional judgment