Don't forget that last week - May 6th - was the effective date for companies to pre-approve audit and non-audit services. So if a company has not yet adopted a pre-approval policy, any non-audit services must be approved by the audit committee (or the audit committee chair if that delegation has been granted) - although contracts for certain non-audit services in place before May 6th can continue for 12 months under specified conditions.
The odd thing about Section 201 of Sarbanes-Oxley - and the related rulemaking - is that its unclear what will be the consequences if a company uses non-audit services from its auditor without the appropriate pre-approval...
On Section16.net today, we are holding a webcast program entitled "Section 16 Filers: Users' Perspective - Practice Tips and Lessons Learned from the Trenches." Hear from panelists that have been test-driving the various filer products - as well as Alan Dye on the latest SEC developments - at http://www.section16.net/webcast0503/.
Posted by broc at 12:26 PM