According to AICPA rules for auditor independence, PwC can support software development and implementation for its audit client if that system is not the financial accounting software that produces the books and records the firm will audit.

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The board is being given incredible powers, among them the right to paw through the financial documents of clients of any accounting firm auditing the books of publicly held companies.

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And, in the new financial year, changed accounting rules will oblige banks to carry shares on their books at market value.

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