This 90 minute course will focus on defining the audit client, including a series of examples of how the audit client and affiliate rules operate for both AICPA and SEC independence purposes and when the "not subject to audit" exception permits the delivery of otherwise prohibited services to affiliates of the audit client.

This course will also explain the application of PCAOB Rules to some, but not all audit clients subject to SEC independence and explain when the independence rules begin to apply for new clients or existing client undertaking public offerings. A case study regarding an enforcement action concerning new client acceptance and improper identification of affiliates of the audit client will be discussed.