SEC Urges Audit Committee Focus on Libor Transition, Non-GAAP

Dec. 31, 2019, 6:40 PM

The SEC has some advice for corporate directors ahead of the upcoming annual reporting season: Keep a close eye on Libor, non-GAAP metrics, and the new extended audit report.

Top Securities and Exchange Commission officials also reminded audit committees of their responsibilities for overseeing internal controls and ensuring auditor independence, among other obligations.

“Effective oversight by strong, active, knowledgeable and independent audit committees significantly furthers the collective goal of providing high-quality, reliable financial information to investors and our markets,” according to a Dec. 30 joint statement from Chairman Jay Clayton, Chief Accountant Sagar Teotia, and Corporation Finance Director William Hinman. ...

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