SEC's Audit Proposal May Bolster Compliance, Competition

Law360 (January 13, 2020, 2:46 PM EST) -- On Dec. 30, the U.S. Securities and Exchange Commission announced proposed amendments to its auditor independence requirements. If approved, these proposed amendments would significantly modify the framework that public companies and their auditors use to evaluate auditor independence, providing additional clarity for certain particularly difficult and recurring issues.

These proposed amendments may alleviate compliance burdens for auditors and audit committees, increase the pool of qualified auditors for particular engagements, and reduce audit costs.

The proposed amendments principally focus on complications that arise from auditor independence assessments with respect to affiliates of the audit client. Such issues include situations where the audit...

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