SEC to Vote on Auditor Independence Rules

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The Securities & Exchange Commission will hold an open meeting on November 15, 2000 to consider adoption of rules governing auditor independence. After four days of public hearings, almost 3,000 comment letters, and months of discussions with those in the accounting profession, the time has come for the Commission to act.

Determined not to delay enactment of auditor independence guidelines, despite pleas from members of the profession and members of Congress, SEC Chairman Arthur Levitt is moving forward with his regulatory attempts.

The proposed rule amendments are intended to modernize the Commission’s regulations regarding:

  • Investments by auditors and members of their families;
  • Auditors’ employment relationship; and
  • The scope of services provided by audit firms to their audit clients.
  • In addition, the rules would require auditors to provide information in their annual proxy statements regarding the amount of non-audit services provided.

    The open meeting will be held at 10:00 a.m., November 15, in room 6600 of the SEC Headquarters, 450 Fifth Street, Washington, D.C.

    For the full details visit, SEC.

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