621.31—Non-audit services.
Non-audit services are any professional services provided by a qualified public accountant during the period of an audit engagement which are not connected to an audit or review of an institution's financial statements.
(a)
A qualified public accountant engaged to conduct a Farm Credit institution's audit may not perform the following non-audit services for that institution:
(8)
Advocating an institution's interests in litigation, regulatory or administrative investigations and proceedings unrelated to external audit work.
(b)
A qualified public accountant engaged to conduct a Farm Credit institution's audit may only perform non-audit services, not otherwise prohibited in this section, if the institution's audit committee pre-approves the services and the services are fully disclosed in the annual report.