News & Analysis as of

Auditor Independence

Ropes & Gray LLP

SEC Proposes Amendments to Modernize Auditor Independence Rule

by Ropes & Gray LLP on

On December 30, 2019, the SEC issued a release containing proposed amendments to its auditor independence rule, Rule 2-01 of Regulation S-X. Among other things, the proposed amendments would amend the definitions of...more

Vedder Price

Investment Services Regulatory Update - January 2020

by Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts - PROPOSED RULES - SEC Proposes Amendments to Auditor Independence Rules - On December 30, 2019, the SEC proposed amendments to Rule 2-01 of Regulation S-X, which sets...more

Vedder Price

SEC Proposes Amendments to Auditor Independence Rules

by Vedder Price on

On December 30, 2019, the SEC proposed amendments to Rule 2-01 of Regulation S-X, which sets forth the qualifications and independence standards for public company auditors, in order to carve out certain fact patterns...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Enters Election Year Focused on Key Initiatives

As Chairman Jay Clayton’s tenure at the Securities and Exchange Commission (SEC) likely enters its final year — regardless of the outcome of the next presidential election — the SEC remains focused on priorities such as...more

Weil, Gotshal & Manges LLP

Regulatory Developments and Annual Compliance Obligations Applicable to Private Fund Sponsors

by Weil, Gotshal & Manges LLP on

Over the course of the last year, there have been a number of regulatory developments affecting private funds and their investment advisers that private equity sponsors should be aware of. We would also like to remind our...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Chairman and Senior Staff Members Share Key Reminders for Audit Committees

In December 2019, U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton, SEC Chief Accountant Sagar Teotia and Division of Corporation Finance Director William Hinman jointly issued a statement (Statement)...more

Jones Day

SEC Enforcement in Financial Reporting and Disclosure: 2019 Year-End Update

by Jones Day on

We are pleased to present our annual year-end update on financial reporting and issuer disclosure enforcement activity for 2019. This White Paper focuses on the U.S. Securities and Exchange Commission's ("SEC") enforcement...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on SEC Approves Amendments to FINRA New Issue Rules, CFTC Announces...

by Katten Muchin Rosenman LLP on

SEC/CORPORATE - SEC Approves Amended Rule Change to FINRA Rule 5110 - On December 23, 2019, the Securities and Exchange Commission approved the Financial Industry Regulatory Authority’s (FINRA) proposed amendments to...more

Cooley LLP

Blog: Audit committee chairs identify effective practices for audit quality improvement

by Cooley LLP on

In December, the PCAOB posted a report on the results of its 2019 conversations with almost 400 audit committee chairs, focused on audit committee perspectives on audit quality assessment and improvement, auditor...more

Ballard Spahr LLP

GC Insights: SEC Issues Statement on Role of Audit Committees

by Ballard Spahr LLP on

The Securities and Exchange Commission (SEC) issued a Statement—signed jointly by the Chairman, the Chief Accountant, and the Director of the Division of Corporation Finance—on December 30, 2019, titled, “Statement on Role of...more

Mayer Brown Free Writings + Perspectives

Legal Update: Ring in the New Year with SEC Year-End Guidance

During the last two weeks of 2019, the US Securities and Exchange Commission offered guidance and reminders relating to the role of audit committees, international intellectual property and technology risks, and confidential...more

Weil, Gotshal & Manges LLP

SEC Proposed Amendments to Auditor Independence Rules Could Benefit Private Equity and Investment Companies, IPOs and M&A...

The Securities and Exchange Commission (SEC) recently proposed amendments to its auditor independence rules which, if adopted, will provide greater flexibility for auditor relationships and services that technically would...more

Wilson Sonsini Goodrich & Rosati

SEC Proposes Amendments to Auditor Independence Framework

On December 30, 2019, the U.S. Securities and Exchange Commission (SEC) announced that it was proposing several amendments to "codify certain staff consultations and modernize certain aspects of its auditor independence...more

Wilson Sonsini Goodrich & Rosati

SEC Issues Statement on Key Reminders for Audit Committees

On December 30, 2019, Chairman Jay Clayton, Sagar Teotia, the Chief Accountant, and William Hinman, the Director of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC), issued a Statement...more

Stinson - Corporate & Securities Law Blog

SEC Statement on Role of Audit Committees and Key Reminders

SEC Chairman Jay Clayton, Sagar Teotia, Chief Accountant and William Hinman, Director, Division of Corporation Finance issued a Statement on Role of Audit Committees in Financial Reporting and Key Reminders Regarding...more

Morrison & Foerster LLP

2019 SEC Regulatory Summary – Advisers And Funds

by Morrison & Foerster LLP on

Before closing the books on 2019, registered investment advisers and funds should take a look back at the activity undertaken by the SEC and its staff in the past year and carefully consider steps to be taken to implement new...more

Cooley LLP

Blog: SEC proposes to amend auditor independence rules

by Cooley LLP on

Recently, SEC Chief Accountant Sagar Teotia hinted at possible forthcoming changes to the auditor independence rules, remarking that, in connection with the recent changes related to lending relationships, the SEC “also...more

Proskauer - The Capital Commitment

SEC clamps down on Custody Rule

Under rule 206(4)-2 of the Advisers Act, otherwise known as the Custody Rule, it is a fraudulent practice for a registered investment adviser to have custody of client funds or securities, unless the adviser takes certain...more

Cooley LLP

Blog: What’s on the SEC’s new fall 2019 agenda?

by Cooley LLP on

SEC Chair Jay Clayton has streamlined the Regulatory Flexibility Act Agenda to limit it to the rulemakings that the SEC actually expects to take up in the subsequent period. Clayton has previously said that the short-term...more

Cooley LLP

Blog: SEC charges PwC with independence violations

by Cooley LLP on

Last week, the SEC announced settled charges against PwC and one of its audit partners for violations of the auditor independence rules. As described in the Order, the violations included “performing prohibited non-audit...more

Drinker Biddle & Reath LLP

SEC Settles Charges of Auditor Independence Violations for $8 Million

by Drinker Biddle & Reath LLP on

The SEC announced settlements with an auditing firm (the “Firm”) and one of its partners relating to violations of certain auditor independence rules involving nineteen audit engagements with fifteen SEC-registrant...more

Kilpatrick Townsend & Stockton LLP

SEC Charges PwC LLP with Violating Auditor Independence Rules

On September 23, 2019, PricewaterhouseCoopers LLP (PwC), along with one of its partners, Brandon Sprankle, was charged by the Securities and Exchange Commission (SEC) with violating the auditor independence provisions of the...more

Cooley LLP

Blog: SEC’s OCA updates auditor independence FAQs

by Cooley LLP on

The SEC’s Office of Chief Accountant has updated its FAQs regarding auditor independence. The new and revised questions relate to the general standard for independence, prohibited non-audit services, partner rotation,...more

Weil, Gotshal & Manges LLP

SEC Charges Accounting Firm to Private Funds with Violating Auditor Independence Rules

The SEC recently charged a large public accounting firm (Accounting Firm) with violations of its auditor independence rules (Independence Rules) in connection with more than 100 audit reports involving at least 15 audit...more

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JD Supra Privacy Policy

Updated: May 25, 2018:

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Privacy Officer
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Updates to This Policy

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