Key takeaways

• The SEC has issued a concept release requesting comment on a broad range of potential changes to existing SEC audit committee reporting requirements, with a focus on the audit committee’s reporting regarding its oversight of the independent auditor.
• The concept release focuses primarily on three broad categories:
  • audit committee oversight of the auditor;
  • audit committee processes for appointment and retention of the auditor; and
  • qualifications of the auditor and members of the engagement team.
• The tenor of the release suggests that the SEC may seek to significantly expand public disclosures by audit committees.  We encourage public companies and their board members to review the release and consider providing comments to the SEC.