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On 30 December 2019, the SEC issued a rulemaking proposal to codify positions taken by the SEC staff in consultations and modernise certain aspects of the SEC's auditor independence rules,...
On 30 December 2019, the SEC issued a rulemaking proposal to codify positions taken
by the SEC staff in consultations and modernise certain aspects of
the SEC's auditor independence rules, which are set out in Rule
2-01 of Regulation S-X. The rule change principally addresses the
situation of "sister" companies within private equity
funds and investment companies that have investments in large
numbers of portfolio companies. In this context, auditor
independence issues frequently arise under the current rules in
respect of an auditor of one portfolio company because such audit
firm or its affiliates may also be providing non-audit services to
other, non-material portfolio companies within the fund family that
do not practically risk impacting the objectivity and impartiality
of the auditor in conducting the audit.
The 60-day public comment period on the proposed rule is now
open. Changes to the SEC's rules will not take effect until the
SEC publishes a final rule.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
