Comment on SEC amendments to Rule 2-01

Grant Thornton issued a comment letter on the SEC Proposed Rule, Amendments to Rule 2-01, Qualification of Accountants. The firm agrees with Commission’s proposal to amend the comprehensive framework of rules governing auditor independence to align with current market conditions and industry practices without compromising investor protection and maintaining auditor independence. The firm also believes the proposed revisions would more effectively structure the independence rules and analysis to not focus on relationships and services that would not pose threats to an auditor’s objectivity and impartiality for non-substantive matters, thereby allowing the audit committee, auditor, and Commission to better focus on those relationships, services, and other potential independence threats that could jeopardize auditor objectivity and impartiality in the performance of an audit.

For Grant Thornton’s specific comments read the detailed explanation by downloading our Comment Letter.