PwC comments on SEC independence proposal
PwC has expressed general support and a few recommendations in response to the SEC’s proposal to amend Rule 2-01, Qualifications of Accountants.
Overview
The proposal aims to modernize the independence rules and would:
- change the scope of entities considered to be affiliates of an audit client;
- shorten the SEC/PCAOB independence look back period for first time domestic filers;
- permit certain student loans and de minimis consumer loans;
- amend the Business Relationships rules; and
- implement a transition framework for independence violations resulting from merger and acquisition transactions
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