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United Tax Network St. does not provide any services to clients. Each member firm in our global network remains a separate and independent legal entity, subject to the laws and professional regulations of the particular country or countries in which it operates. This structure is similar to the network structures used by the big-4. Deloitte Touche Tohmatsu Limited (DTTL), for example, is a UK private company limited. DTTL and each Deloitte member firms are legally separate and independent entities. DTTL as such does not provide services to clients. As separate legal entities, Deloitte member firms and DTTL cannot obligate each other.
SOX Rules (the Sarbanes-Oxley Act of 2002) mandates that audit committees be directly responsible for the oversight of the engagement of the company’s independent auditor, and the Securities and Exchange Commission rules are designed to ensure that auditors are independent of their audit clients. The purpose of this brochure is to highlight certain Commission rules and other authoritative pronouncements relevant to audit committee oversight responsibilities regarding the auditor’s independence.
Financial Reporting Oversight Role (FROR) means a role in which a person is in a position to or does exercise influence over the contents of the financial statements or related information (such as management’s discussion and analysis) or has direct responsibility for oversight over anyone who prepares them, such as when the person is a member of the board of directors or similar management or governing body, chief executive officer, president, chief financial officer, chief operating officer, general counsel, chief accounting officer, controller, director of internal audit, director of financial reporting, treasurer, or any equivalent position.