The Center for Audit Quality (CAQ) and the AICPA on Wednesday issued a joint alert to provide audit firms with an overview of SEC and PCAOB independence rules that apply to financial statement audit and attestation engagements for certain nonissuers.

The alert is intended for auditors of:

• SEC-registered, nonissuer broker-dealers; and
• Where the engagement is subject to the requirements of the SEC “custody rule”: Rule 206(4)-2 (17 C.F.R. 275.206(4)-2), SEC-registered and state-registered investment advisers, related-party custodians, and private funds such as pooled investment vehicles.

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