SEC Reaches Agreement with Audit Firms.

• Position: Securities and Exchange Commission - Brief Article

The Securities and Exchange Commission (SEC) reached an agreement with four major accounting firms that will reduce the amount of consulting work firms can perform for their clients. The rules provide that the audit committees of corporate boards consider whether non-audit services performed are consistent with maintaining auditor independence. The rules require public disclosure of the fees paid for audit and non-audit services. The rules also establish restrictions on information technology consulting and internal auditing. Additionally, the American Institute of Certified Public Accountants agreed to explore increasing the number of non-industry disciplinary committee members...