(November 8 – 08:45 ET) – The Securities and Exchange Commission will hold an open meeting on November 15 at 10:00 ET to consider adopting controversial rule amendments to its auditor independence requirements.

The SEC is proposing rule amendments regarding the investments by auditors and members of their families, auditors’ employment relationships, and the scope of services provided by audit firms to their audit clients. The rules would also require companies to disclose in their annual proxy statements certain information about non-audit services provided by their auditors during the last fiscal year.

These rule changes threaten to shake up the auditing industry, with some of the big firms looking to spin off their consulting divisions as a result. These same firms have also tried an end run around the SEC by going to the U.S. Congress.

Some industry watchers have speculated that SEC chair Arthur Levitt wants to see these rule changes through before he leaves the commission, which may come in the wake of yesterday’s U.S. election.

“After four days of public hearings, almost 3,000 comment letters, and months of discussions with those in the accounting profession, the time has come for the commission to act,” said Levitt in a statement. “In recent weeks, much progress has been made. The rhetoric has died down and honest ideas have been exchanged. The commission’s staff has heard the specific concerns of all of the Big 5 firms and the AICPA. I believe the final rule will reflect, to a great extent, those concerns. And we are still talking with those who continue to have reservations.”

Levitt also pledged to push ahead with these changes over objections in industry and Congress. “While I respect the views of those in Congress and in the profession who believe the SEC should defer its rulemaking, I believe delay will not serve the interests of America’s investors. Delay will not add to areas of agreement or resolve areas of difference. I am hopeful all of the profession will join the commission in ensuring that public confidence in the numbers continues to be the wellspring of healthy, vibrant markets.”

At that same meeting the SEC will also consider adopting rules that would require greater disclosure of order execution and order routing practices by market centers and brokers.

Rules regarding the quotation obligations of options exchanges and market makers will also be considered, and disclosure by broker-dealers of executions of customer options orders at prices inferior to the best available quote.