SEC Acting Chief Accountant Releases Statement on Auditor Independence

SEC Acting Chief Accountant Paul Munter has released a statement on the importance of auditor independence to the accounting profession. Topics addressed by Mr. Munter in the statement include:

• The “general standard” of auditor independence under SEC Regulation S-X, Rule 2-01(b).
• The OCA’s approach to consultations related to auditor independence.
• Certain “recurring issues in recent auditor independence consultations.”
• The importance of fostering an “ethical culture with respect to auditor independence.”