SEC APPROVES INDEPENDENCE RULEWashington, D.C. - The Securities and Exchange Commission has approved the Public Company Accounting Oversight Board's proposed ethics and independence Rule 3526, Communication with Audit Committees Concerning Independence. The commission also approved an amendment to the interim independence standards and an amendment to Rule 3523, Tax Services for Persons in Financial Reporting Oversight Roles.
Rule 3526 builds on interim rules requiring a registered firm on at least an annual basis after becoming a company's auditor to make a written communication to the audit committee that the firm is independent. The rule also includes a new requirement for the firm to document the substance of its discussion with the audit committee.
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