SEC Proposes Auditor Independence And Workpaper Retention Rules
- Topics:
- Sarbanes Oxley Compliance
- Tags:
- Audit,
- Sarbanes-Oxley,
- Regulatory Compliance,
- Regulations,
- Policies And Procedures,
- McGuireWoods,
- Human Resources,
- Government,
- Financial Accounting,
- Finance,
- ...
- Source:
- McGuireWoods
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Overview: This article talks about the proposed rules dealing with auditor independence and retention of work papers as required by Section 201, 202, 203, 204, 206 and 802 of the Sarbanes-Oxley Act of 2002 which was published by SEC. This article contains the features like auditor independence and record retention in detail. Section 201(a) of the Sarbanes-Oxley Act set forth a list of nine prohibited services that would impair the ability of an accounting firm to be independent for purposes of providing audit services to a client. All these nine services have been discussed in article. Also mentioned in the article are proposed amendments to regulation S-X implementing Section 802 would require auditors to retain certain information for a period of five-years after the completion of an audit or review of a public company's financial statements. The proposed rules do not require the creation of any specific records, but only that certain records, if created, be retained.
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Format: HTML | Date: Dec 2002 | Pages: 1
