Outside auditors must submit an annual conflict-of- interest statement to their publicly traded clients, including banks and thrifts.

Under a rule approved last week by the Independence Standards Board, an auditor must disclose in writing any links with a client that could affect objectivity, such as consulting relationships or job changes. The rule, which is meant to protect investors, is effective for fiscal years ending after July 15.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.