SEC plans overhaul of audit independence rules
Released 31 December 2019
The US Securities and Exchange Commission (SEC) plans to update and strengthen certain aspects of the auditor independence framework.
The proposed amendments would update select aspects of the nearly two-decade-old auditor independence rule set to more effectively structure the independence rules and analysis.
The amendments are believed to ensure that relationships and services would not pose threats to an auditor’s objectivity and impartiality, and does not trigger non-substantive rule breaches or potentially time consuming audit committee review of non-substantive matters.