(The news featured below is a selection from the news covered in Federal Securities Law Reporter, which is distributed to subscribers of Federal Securities Law Reporter.)

PCAOB Delays Tax Service Independence Rules

The Public Company Accounting Oversight Board adjusted the implementation schedule for its rule which prohibits registered public accounting firms from providing any tax services to persons in a financial reporting oversight role at an audit client. The board intends to revisit the application of the rule to tax services provided during the period before a registered public accounting firm becomes auditor of record for an audit client. Accordingly, the board will not apply the rule to tax services provided on or before April 30, 2007, when those services are provided during the audit period and are completed before the professional engagement period begins. The implementation schedule change is effective upon publication. Interested persons may, however, submit comments to the SEC for 21 days from the date of publication in the Federal Register.

Release No. 34-54938 is reported at ¶87,722.