Rather, the purpose of the Investment Company Act is to provide a framework to regulate the investing, reinvesting and trading in securities by investment companies, not the independence of auditors. This proposed rule provides that an accountant's independence will not be impaired in the following circumstances: (B) New Audit Engagement. APB Opinion No. ), Leasing space to/from a restricted entity (i.e., rent), Ownership of a franchise or a personal business, Severance or any other payments (bonus, 401(k) contribution, etc.) The SEC is an independent, nonpartisan, regulatory agency that has five commissioners, one of whom serves as the chairman. We are pleased to present the 2020 edition of A Roadmap to SEC Reporting Considerations for Business Combinations. S7-13-00 - Financial and Employment Relationships. PwC Terms Flashcards | Quizlet GMF ID". From determining the financial statements required for an acquisition to the creation of pro forma financial information, complying with Securities and Exchange Commission (SEC) rules and regulations can be difficult. Be A "Covered Person", 3. cc: The Honorable Arthur Levitt, ChairmanThe Honorable Isaac C. Hunt, Jr., CommissionerThe Honorable Paul R. Carey, CommissionerThe Honorable Laura S. Unger, Commissioner. Further, it allows registrants to (1) present fewer acquiree financial statement periods, (2) present acquiree financial statements in fewer circumstances, and (3) when certain criteria are met, use abbreviated financial statements without requesting permission from the SEC staff. Terms in this set (3) An audit or attest client and its affiliates. The Proposed Rule On Employment Of Former Employees May Hinder Retired Partners From Serving On Boards, VIII. To stay logged in, change your functional cookie settings. Proposed rule 2-01(c)(1)(i)(A) would prohibit any investment in an audit client or an affiliate of the audit client by covered persons and their immediate family members. Please enable JavaScript to view the site. before income taxes for the year is clearly not indicative of the past or The Definition Of An "Affiliate Of The Accounting Firm" Should Be Limited To Those Third Parties That Warrant Being Treated Like The Accounting Firm For Independence Purposes, B. However, this is not entirely clear considering the inclusion of the accounting firm as a "covered person" for purposes of the proposed rule. The Integrity Helpline is a confidential, 24-hours-a-day, 365-days-a-year service you can access from any location. Professionals are required to use professional judgment in determining whether a Spousal Equivalent relationship is deemed to exist. We oppose the incorporation of these requirements into SEC rules, not only because doing so is unnecessary, but because it will undermine the self-regulatory nature of the accounting profession's program.77. Professionals who are employed by Deloitte are required to comply with our independence policies. rules follow that logic. The proposed rule should be modified to provide a more meaningful and workable standard, as follows: Covered persons and their immediate family members. The Entity List (supplement no. These software programs also allow registrants to implement comprehensive self-assessment programs to resolve control issues on a proactive basis.

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