SEC Accepting Applications for 2nd Hearing

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The SEC is gearing up for Round Two of the auditor independence hearings, and applications are being accepted for those who wish to participate in the hearings. Any member of the public is eligible to apply to make a presentation at the hearing, and those who prefer not to appear in person may submit written comments.

The first hearing occurred on July 26 and the SEC has posted the entire transcript of that hearing on their web site.

The second of three scheduled hearings is set for Wednesday, September 13, at 9 a.m., at Pace University in New York City. Written requests to make a presentation at the second hearing are due by August 25 and should be submitted to:
Jonathan G. Katz, Secretary
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
or submitted electronically at [email protected]. Click here for instructions on how to submit requests and copies of statements.

The proposed auditor independence guidelines would, among other things, allow more flexibility to auditors by reducing the number of audit firm employees and their family members whose investments in audit clients are attributed to the auditor; limit the scope of services that can be provided to audit clients; provide a limited exception for accounting firms that have in place certain quality controls and satisfy other conditions; and require companies to disclose in their annual proxy statements certain information about non-audit services provided by their auditors.

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