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Auditors Push for Relief From Strict U.S. Independence Rules

March 18, 2020, 8:16 PM

U.S. auditors and other stakeholders are urging the SEC to relax strict conflict-of-interest rules that govern everything from accountants’ personal loans to the complexities of investment fund holding, while still maintaining important investor safeguards.

They want the SEC to increase the $10,000 limit on consumer loans they might hold with an audit client, argue that student loans should be treated like mortgages, and have urged the SEC to align certain definitions and materiality thresholds with international and American Institute of CPAs rules, according to recent letters filed with the regulator.

The Securities and Exchange Commission in December released a ...