AICPA Addresses Independence On Conflict Minerals Audits

The AICPA has issued non-authoritative guidance which provides that auditing an SEC issuer’s financial statements and performing an independent private sector audit of a conflict minerals report would not be inconsistent with the SEC’s independence requirements under Rule 2-01 of Regulation S-X. The engagement to perform the independent private sector audit would nevertheless be considered a “nonaudit service” subject to audit committee pre- pursuant to Rule 2-01(c)(7) of Regulation S-X. In addition, the fees related to independent private sector audit would need to be included in the “All Other Fees” category of the principal accountant fee disclosures.

The guidance also addresses six other frequently asked questions.  The AICPA has also prepared a matrix indicating what types of services related to the conflict mineral rules are prohibited.

Check dodd-frank.com frequently for updated information on the JOBS Act, the Dodd-Frank Act and other important securities law matters.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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