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US audit-independence changes being `hurried' without comment, say consumer advocates, union reps, state comptrollers

( December 18, 2020, 21:17 GMT | Official Statement) -- Auditor-independence rules approved by the Public Company Accounting Oversight Board last month, and forwarded to the US Securities and Exchange Commission for final approval, are being "hurried through" without opportunity for public input, said 30 consumer advocates, representatives of New York, Illinois and Vermont state offices, and union officials. "These changes would weaken auditor independence standards, further undermining investors' faith in the reliability of financial disclosures and putting the integrity of our capital markets at risk," their letter said. The SEC has adopted similar changes, and its chairman, Jay Clayton, has said he plans to step down by the end of the year.December 16, 2020...

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