Which statement best describes an issue that federal banking agencies communicated to auditors regarding auditor independence?

O

Auditors of banks must register with the PCAOB and be inspected at least annually.

O

An auditor may not have an indemnification or similar agreement with its client.

'An auditor's fee for performing nonaudit services should not exceed its audit fee.

Auditors of banks should comply with SEC independence rules in all instances.