Or people like Michael Connell, manager of the Bush campaign Internet strategy, represent new types of consulting.
The legislation passed last year also prohibits accounting firms from providing several types of consulting services, including the highly profitable technology consulting work, to companies that they also audit.
Two years ago, the S.E.C. proposed significant limits on the types of consulting work an accounting firm could perform for an audit client.
[C6.] Auditors Criticize Consulting Plan At a Securities and Exchange Commission hearing, representatives of three major accounting firms strongly criticized a proposal to restrict the types of consulting work that the firms can provide for the companies whose financial statements they audit.
Representatives of three major accounting firms strongly criticized a proposal today to restrict the types of consulting work that the firms can provide for the companies whose financial statements they audit.
Any audit firm that did certain types of consulting work for Herbalife over the last three years might be disqualified, since the new auditor will have to review those periods.
In the United States, the Sarbanes-Oxley Act of 2002, instituted following the collapse of Enron and its auditor Arthur Andersen, bars audit firms from engaging in certain types of consulting for their U.S. audit clients.
Representatives of the other big firms have indicated they will fight the rule, whose most significant aspect would be to ban accounting firms from doing certain types of consulting work for audit clients, and have so far shown little indication they want to reach a compromise.
While the bill specifically prohibits accounting firms from selling eight types of consulting and other services to publicly traded companies that they audit, the legislation does allow auditors to provide certain tax services and other services -- so long as the company's audit committee approves the arrangement in advance.
And as we get to our second act now, the role of the program is shifting to proving that pro-bono can actually have that impact, switching a lot of the services that we offer and trying to understand which types of consulting services really make a difference for nonprofits.
