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SEC proposes auditor independence rules

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20 Nov 2002

The US Securities and Exchange Commission has proposed Rules pursuant to the Sarbanes-Oxley Act that would: Require auditors to retain specific types of records. Require certain disclosures and reports by auditors and set conditions under which auditing firms would not be considered independent for purposes of performing audits of public company financial statements.

Among other things, the proposed rules cover prohibited services, partner rotation, approval of non-audit services by the audit committee, auditor communications with audit committees, and public disclosure of audit and non-audit fees and services.

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