Which group would be considered covered persons according to SEC definitions?

Covered persons, as defined by SEC regulations, specifically includes individuals who are directly involved in the audit process. This encompasses the audit team members who participate in the engagement, as their work significantly influences the audit's outcome and the integrity of the financial statements being audited.

Audit team members are subject to stringent rules regarding independence and ethical standards because their responsibilities involve critical judgments about the financial reporting of the audit client. Their direct involvement in the audit necessitates that they adhere to the highest standards of professionalism and ethics to maintain public trust and confidence in the profession.

While other groups, such as tax partners and professional staff working on non-audit services, have important roles within an accounting firm, they do not fall under the same category of covered persons with respect to the SEC definitions. Tax partners might engage in audit-related activities but are generally considered separate from those who are directly engaged in the audit itself. Similarly, professional staff working on non-audit services might have different compliance obligations, but they are not covered persons specifically as it pertains to the audit engagement. Therefore, the focus on audit team members aptly captures the essence of what constitutes a covered person in the context of SEC definitions.