Just days after the U.S. Securities and Exchange Commission took its first enforcement actions over close personal ties between auditors and clients, a top agency accountant said Thursday that he does not expect regulators to issue guidance specifying when a relationship crosses the line and compromises the review of a company’s books.

Speaking at an American Law Institute conference in Washington, Michael Husich, the SEC’s senior associate chief accountant, urged accountants to use a “common sense standard” in their relationships with clients to avoid jeopardizing the independence of an audit.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]