The agency included a proposal to amend certain provisions of the auditor independence rules as part of a biannual short-term agenda of planned rule making by federal agencies published in November. The SEC hasn’t explicitly said if it will loosen or tighten auditor independence rules with the latest change. A spokeswoman for the SEC declined to comment on the plans for further changes to auditor independence rules beyond the short-term agenda. Meanwhile, RSM US LLP agreed to pay a $950,000 penalty to settle allegations that it violated auditor independence rules, according to the regulator. PricewaterhouseCoopers agreed to a nearly $8 million settlement in September over charges of improper professional conduct and violating auditor independence rules.

Source: Wall Street Journal December 10, 2019 00:11 UTC