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The Securities and Exchange Commission today announced the publication of an additional release in its Accounting Series dealing with the independence of certifying accountants. Various statutes administered by the Securities and Exchange Commission recognize the necessity of independence on the part of an accountant who certifies financial statements. In administering these Acts the Commission has consistently held that the question of independence is one of fact, to be determined in the light of all the pertinent circumstances in a partic-ular case. For this reason it has not been practicable, and the Commission has made no attempt, to catalog all of the relationships or situations that might prevent an accountant from being independent. However, in Rule 2-01 (b) of Regulation S-X the Commission has indicated certain relationships such as those of officer, director, or employee which it believes are so likely to prevent a completely objective review of the financial statements of a registrant as to preclude its recognizing an accountant occupying such a position as independent.

Relational Format


Series Title

Accounting Series Release No. 047;Securities Act of 1933 Release No. 2973;Securities Exchange Act of 1934 Release No. 3526;Investment Company Act of 1940 Release No. 615



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