SEC Ponders Expanding Audit Committee Disclosure
On July 1, the SEC issued a concept release, a forerunner to a potential rulemaking proposal, seeking public comment on whether to expand disclosure requirements about audit committees. The primary focus of the concept release is on the audit committee’s responsibilities for oversight of the independent auditor. However, the SEC has invited public comment on other aspects of the audit committee’s role beyond those involving the auditor, such as its oversight of financial reporting, internal controls and risk.
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