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The Securities and Exchange Commission (SEC) has been accused of pressuring an audit board and trying to change tax planning measures, according to reports.
Following the Sarbanes-Oxley law it has been said that the SEC is trying to tilt the audit board towards business interests as both agencies look at rules for public companies and auditors under the new anti-fraud legislation, report AP.
Christopher Cox, SEC chairman, wrote in a letter to Public Company Accounting Oversight Board last autumn that the board change its rules for outside accountants and tax planning procedures.
He believes the rules should be revised for accountants to adapt them to the scale of the company that is being audited.
The proposed changes by the SEC for the accounting board could weaken auditors work, critics have said.
Lynn Turner, a former chief accountant at the SEC, said: "This is an effort to make sure that investors never learn about material weaknesses" in companies financial controls."
A spokesperson for the accounting board declined to comment this week.
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