[Code of Federal Regulations]
[Title 18, Volume 1]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 18CFR41.12]

[Page 308]
 
           TITLE 18--CONSERVATION OF POWER AND WATER RESOURCES
 
  CHAPTER I--FEDERAL ENERGY REGULATORY COMMISSION, DEPARTMENT OF ENERGY
 
PART 41_ACCOUNTS, RECORDS, AND MEMORANDA--Table of Contents
 
Sec. 41.12  Qualifications of accountants.

    The Commission will not recognize any certified public accountant or 
public accountant through December 31, 1975, who is not in fact 
independent. Beginning January 1, 1976, and each year thereafter, the 
Commission will recognize only independent certified public accountants, 
or independent licensed public accountants who were licensed on or 
before December 31, 1970, who are in fact independent. For example, an 
accountant will not be considered independent with respect to any person 
or any of its parents or subsidiaries in whom he has, or had during the 
period of report, any direct financial interest. The Commission will 
determine the fact of independence by considering all the relevant 
circumstances including evidence bearing on the relationships between 
the accountant and that person or any affiliate thereof.

[Order 462, 37 FR 26006, Dec. 7, 1972]