The SEC requires companies to disclose fees paid to independent public accounting firms for audit and consulting services in the belief that: Multiple Choice such disclosures will end the practice of auditors performing nonaudit services for audit clients. audit firm consulting on client's accounting information processing systems essentially impairs audit independence. client directors and financial statement users should consider all aspects related to auditors' independence, and information about fees is important. financial analysts will attribute far less credibility to financial statements audited by public accounting firms that earn substantial nonaudit fees from audit clients