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Additional costs may be associated with forming such committees and, if necessary, recruiting and retaining directors to serve on those committees. We recognize the difficulties when there is, potentially, a different applicable date for each member of the engagement team. FDIC Office of Inspector General. In many public companies, the fee for tax services is substantial in relation to other services. Subscribe to FDIC alerts. Under the rule, an accountant's independence also is impaired when the accountant engages in psychological testing, or other formal testing or evaluation programs, or recommends or advises the audit client to hire a specific candidate for a specific job. Management should ensure that the third party's internal control environment as it relates to the service or product being provided to the financial institution is sufficiently audited.
Bureau of Labor Statistics. Longer periods of work are typical at certain times of the year, such as at the end of the budget year or during tax season. As discussed earlier in this release, the cooling off period applies to members of the audit engagement team. In the case of investment companies, all non-audit services provided by the auditor to an entity in the investment company complex that relate to the operations or financial reporting of the investment company must be pre-approved by the audit committee of the investment company. The Commission reiterates its long-standing position that an accounting firm can provide tax services to its audit clients without impairing the firm's independence.