A BoardIQ article published on May 22 titled “SEC Proposal Would Solve Funds’ Loan Rule Problems” discusses an SEC rule proposal that would solve issues mutual funds are experiencing in determining auditor independence. Investment management partner Adam Schlichtmann is quoted in the piece. “From the trustee’s perspective it will be welcome relief if it’s adopted as proposed,” says Mr. Schlichtmann in the piece. “Currently trustees are receiving a lot of communications from auditors describing these technical violations under a literal application under the existing rule, and the proposed rule takes a much more practical approach to addressing the underlying concern, which is whether or not the auditor’s independence or objectivity has somehow been impacted by its borrowing relationships.”
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