- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Maria L. Murphy2023-10-03T14:21:00
Firms’ continued struggles regarding compliance with auditor independence requirements have drawn the unwelcome attention of U.S. regulators.
Both the Public Company Accounting Oversight Board (PCAOB) and Securities and Exchange Commission (SEC) have emphasized in public statements the topic is a critical enforcement area.
Below is a refresher on some of the principal independence requirements for auditors and current areas of regulator emphasis.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Register for free
Access one free, non-premium article each month.
Complimentary CPE webcasts, resources, and e-Books.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Audit firms should carefully weigh the pros and cons of indemnity clauses in light of the Securities and Exchange Commission’s recent complaint against Prager Metis, according to a legal expert.
Accounting firm Prager Metis violated auditor independence rules through use of indemnification provisions in its engagement letters hundreds of times during a period of nearly three years, the Securities and Exchange Commission charged in a lawsuit.
Accounting firm Warren Averett agreed to pay a penalty of $200,000 in resolving the first case brought by the Public Company Accounting Oversight Board regarding auditor independence violations related to a firm’s membership in an accounting alliance.
Trust in the integrity of corporate finance and auditing is vital, but repeated scandals over exam cheating at the largest multinational firms are denting faith in the system globally.
Ebix announced the Securities and Exchange Commission closed an investigation into allegations against the software company’s accounting practices raised in a short seller report.
Chemours disclosed it received requests for information from the Department of Justice and Securities and Exchange Commission regarding findings from an internal review into alleged accounting misconduct by several of its top executives.
