The US audit board should reconsider its outdated ethics rules as the SEC prepares to issue a fresh batch of guidance for auditor conflicts of interest, a top commission official said Thursday.
The Public Company Accounting Oversight Board could revise or rescind ethics rules it adopted on a temporary basis more than two decades ago that now conflict with more modern versions of the requirements, said Kurt Hohl, chief accountant of the Securities and Exchange Commission.
“The SEC is responsible for the independence rules,” Hohl said at a Baruch College conference. “They don’t need their own rules.”
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