PwC comments on SEC independence proposal

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Comment letter , PwC US Mar 17, 2020

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

Contact us

Heather Horn

Heather Horn

US Strategic Thought Leader, National Professional Services Group, PwC US

David Schmid

David Schmid

International Accounting Leader, National Professional Services Group, PwC US

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