On December 30, 2019, SEC Chairman Jay Clayton, Sagar Teotia, Chief Accountant, and William Hinman, Director of the Division of Corporation Finance, 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.