Investor Group Slams SEC Pitch to Ease Audit Rules for Banks

Aug. 22, 2019, 10:03 PM

Banks would benefit the most from a plan to ease post-Enron audit requirements just as financial institutions are preparing for the biggest change to their accounting in decades, a large investor group says.

“It is counterintuitive to reduce attestation over internal controls at a time when they may become most important,” the CFA Institute wrote in an Aug. 22 letter to the Securities and Exchange Commission.

The SEC in May released a proposal allowing companies that meet the definition of smaller reporting companies to qualify as non-accelerated filers. If finalized, these companies no longer would have to have an ...

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