Making Sense of Auditor Independence Issues


Auditor independence has always been a regulatory compliance priority. Failure to comply with independence requirements has potentially serious legal and business consequences, including the risk that an audit engagement be terminated and past financial statements reaudited.

Registered investment companies (“funds”) are subject to the same auditor independence requirements as other public companies. However, rules applicable to funds are broader and more complicated. A number of actions by the SEC and its staff over the last several months have focused on the complex way the independence rules apply to funds and their auditors. The actions also offer a reminder to fund boards and audit committees of the importance of reviewing independence matters with fund auditors.

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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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