SEC to rule on audit next week
The Securities and Exchange Commission has announced that it will consider adoption of rules governing auditor independence at an open meeting on 15 November in Washington, DC.
In a statement, Arthur Levitt, chairman of the SEC, said the time had come for the Commission to act, saying: ‘In recent weeks much progress has been made. The rhetoric has died down and honest ideas have been exchanged.’
He continued: ‘I know some would prefer that the Commission postpone consideration of this issue for six months. While I respect the views of those in Congress and in the profession who believe the SEC should defer its rulemaking, I believe delay will not serve the interests of America’s investors.’