PracticeConsultingSEC eases auditor independence rules

SEC eases auditor independence rules

The US Securities & Exchange Commission has used emergency powers to ease its auditor independence rules in the wake of the terrorist attacks in America.

In a statement the Commission said it had taken the steps to facilitate yesterday’s reopening of US equity markets and to aid the recovery effort.

‘Accounting firms may provide bookkeeping services to and help recover records for clients with offices in and around the World Trade Centre, without violating auditor independence rules,’ the SEC said.

No time period was given for the relaxation of the rules but the US watchdog undertook to continue monitoring the situation.

Other regulations that were relaxed included those on public companies repurchasing their own securities and those requiring in-person meetings for mutual fund board meetings. In addition brokerage firms may calculate net capital without considering the days the market was closed and mutual funds may borrow from and lend to related parties.

Links

SEC statement

Five PwC staff among terrorists’ victims

World Trade Centre fund launched

UK consultants in New York horror

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