The audit committee of a private company need not approve all non-audit services provided by the company's financial statement auditor.

Question

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According to the PCAOB's rules, the audit committee of a publicly traded company must pre-approve all non-audit services provided by the company's financial statement auditor. However, in the case of a private company, the audit committee is not required to pre-approve all non-audit services provided by the auditor. It is up to the discretion of the company's management to determine which non-audit services require approval from the audit committee.

The Audit Committee of a Private Company Need Not Approve