Securities and Exchange Commission: Strengthening the Commission's Requirements Regarding Auditor Independence
B-291942: Feb 19, 2003
This is our report on a major rule promulgated by the Securities and Exchange Commission (SEC). It was published in the Federal Register as a final rule on February 5. Enclosed is our assessment of the SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report. The official responsible for GAO evaluation work relating to the subject matter of the rule is Thomas McCool. The SEC states that many of the costs are difficult to quantify and no specific cost figures were cited by commenters on the final rule. SEC notes that additional costs will be incurred by public companies in having to use a separate vendor for certain services.