Why can’t we bind client drafted FS with our opinion and give them nice bound formal copies? This is specifically for pcaob clients. For private, I know we can

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It comes from legal’s overly strict interpretation of a downstream affiliate rule over the preparation of subsidiary FS. It wasn’t always a thing but became a thing 2 years or so ago. You can do it for private companies BUT the issue is if the company goes public then you aren’t independent and have to resign. As a result firms banned binding private FS so there aren’t any OH SHIT moments.

It’s an absurd rule by people who never experienced the sophistication level of private clients.

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They own them. It is their responsibility to do it.

I get that. My question is more related to how far-fetched it is that if we bind them, we are not independent all of a sudden

Lol no you can’t

I am having deja vu. This argument has been had. And it honestly scares me how many people don’t realize that nonattest services can be provided to non-PCAOB audit clients

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It’s an independence issue. We cannot touch anything surrounding the preparation or distribution of the FS as that is a prohibited nonattest service for PCAOB entities

I get preparation, just don’t understand why we can’t even bind it for them. How does binding change who drafted the FS. Seems too far fetched to think that binding all of a sudden makes FS prepared by us, rather than management

You don’t just have to be independent in fact, you must also be independent in appearance. And doing anything with FS on a PCAOB independent client impairs the appearance of independence

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Who want/needs hard copies anyway? It’s on EDGAR

It’s not about needing. It’s a matter of concluding the audit. When I see bound FS, I think alright, it’s done. It’s closure for me

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