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SEC Emphasizes Auditor Independence After String of Shortfalls

Oct. 23, 2019, 7:53 PM

The SEC’s chief accountant for the Division of Enforcement delivered a stern reminder to auditors that the regulator will investigate any behavior that could be seen as a conflict of interest.

“And if you’re over the line, violating those independence standards, we’ll bring actions. It’s just something that is too important. The auditor must be independent in fact and appearance,” said Matt Jacques in Oct. 23 remarks at 2019 Securities Enforcement Forum in Washington.

The requirement that auditors be independent is critical to the integrity of the profession, not just the financial statements that their clients issue, said Jacques, ...

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