Regulatory Alerts2020-01-15 | 2019-28476Added
Amendments to Rule 2-01, Qualifications of Accountants
The Securities and Exchange Commission proposes amendments to Rule 2-01 of Regulation S-X to update auditor independence requirements based on public feedback and administrative experience. The proposed changes aim to focus the independence analysis on relationships or services that pose the greatest threats to auditor objectivity by introducing materiality qualifiers for entities under common control. These adjustments seek to reduce compliance burdens and enhance the relevance of the rules without altering the general standard for auditor independence.
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