Washington (Aug. 14, 2003) -- The Securities and Exchange Commission's office of chief accountant has issued answers to 35 frequently asked questions on auditor independence rules.
The regulator said the answers should help registrants, their audit committees and audit firms to understand and comply with the new regulations.
The document includes the staff's responses to questions in the general areas of: partner rotation and transition; other audit partner and partner rotation matters; non-audit services; audit committee pre-approval; and fee disclosures, among others.
The SEC released new regulations which bolstered the its existing auditor independence requirements in January.
The document is available online at http://www.sec.gov/info/accountants/ocafaqaudind080703.htm
-- WebCPA staff
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