Audit Committee Oversight of Financial Reporting: SEC Senior Staff Joint Statement Includes Observations and Reminders for Audit Committees on Oversight of Financial Reporting

Sullivan & Cromwell LLP - January 7, 2020
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On December 30, 2019, SEC senior staff issued a joint statement providing observations and reminders on a number of key areas of focus for audit committees as they approach the calendar year-end financial reporting season.  The statement includes a number of general observations about the audit committee’s role in the oversight of financial reporting, followed by specific discussion on the audit committee’s role in oversight of the use of non-GAAP financial measures, risks related to LIBOR reform and the implementation of critical audit matters. The statement stresses the significant oversight responsibility expected of independent audit committees.