Regulatory Alerts2015-07-08 | 2015-16639Added
Possible Revisions To Audit Committee Disclosures
The Securities and Exchange Commission issued this concept release to solicit public comments on potential updates to audit committee reporting requirements, specifically focusing on oversight of the independent auditor. The Commission notes that current disclosure rules, primarily established in 1999, may no longer provide investors with sufficient information to evaluate audit committee performance given significant changes in auditor responsibilities and regulatory standards. The release outlines specific areas for potential revision, including communications with auditors, auditor selection processes, and firm qualifications, to enhance the usefulness of disclosures for investment and voting decisions.
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