During the recent 2019 AICPA Conference on Current SEC and PCAOB Developments, SEC Chief Accountant Sagar Teotia stated that the staff will present possible changes to the independence rules to the Commission based on feedback received in connection with the proposed change to the loan provision.
JD Supra noted, in part, that: "While it’s not entirely clear what is contemplated, Chief Accountant Sagar Teotia has recently remarked that, in connection with the recent adoption of auditor independence amendments related to lending relationships, the SEC 'also received comments on other aspects of auditor independence rules. In conjunction with that feedback, the Chairman directed the staff to formulate recommendations to the Commission for possible additional changes to the auditor independence rules for potential rulemaking. We are making significant progress on providing these recommendations….' These amendments are identified as being in the 'proposed rule' stage."
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