It is not practical to have rules that cover every non-audit service which can or cannot be provided by a company's auditors. Instead, we propose that the Commission should rely on the four guiding principles to act as the governing authority by which all non-audit services are evaluated. This philosophy acknowledges that each situation and its surrounding circumstances is unique. The role of the audit committee is critical in evaluating and monitoring independence. Given the significance of this responsibility the audit committee should be held accountable.
Disclosure is a powerful tool in assuring that independence, both real and perceived, is achieved.