The Securities and Exchange Commission (SEC) is seeking an extension for collecting information using Form ADV-E under the Paperwork Reduction Act. Form ADV-E is required when a public accountant files certificates of accounting due to changes in their engagement status under investment adviser rules. The SEC estimates that around 1,998 filings related to surprise examinations and terminations will be submitted, totaling an estimated annual burden of 99.90 hours. The public can review the information request and comment on it from December 16, 2024, to January 13, 2025.
Simple Explanation
The government wants more time to check papers that accountants fill out when they change jobs, and they guess it will only take a tiny bit of time from each person to do this. But, people are worried that they don't know why it's important, and there's not much time to tell the government what they think about it. Plus, people might not want to be honest because their answers won't be kept secret.