Independence Compliance: Checklists and Tools for Complying with AICPA, SEC, and PCAOB Independence Requirements

This Practice Aid contains an independence review tool that addresses both AICPA and Securities and Exchange Commission (SEC) independence rules for auditors. The review tool addresses requirements of Rule 101, Independence, and its related rulings and interpretations of the AICPA Code of Professional Conduct. The review tool also addresses the SEC independence rules, which apply to audits, reviews and other attest services provided to public companies and other entities whose financial information is filed with the SEC.

The review tool is divided into two sections. The first section is a series of questions designed to help auditors identify potential independence issues. The second section suggests possible follow-up actions that auditors may consider in addressing an independence issue.

This practice aid is a useful tool for anyone performing an audit engagement, and is particularly useful for SEC audit engagements.