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SEC Chief Accountant on Audit Committees

At PLI’s SEC Speaks conference, the SEC’s Chief Accountant, Paul Beswick, gave a presentation entitled Audit Committee: Back to Basics.  The presentation covered the role and responsibilities of audit committees and included a discussion of key audit committee functions.  The four key take-aways from the presentation were as follows:

  • “Audit committees are in a unique position to represent investors and play an important role in promoting high quality, transparent financial reporting to investors
  • Monitoring independence is an ongoing responsibility of the audit committee
  • Frequent dialogue with management and a direct line of communication with the auditor are an important part of the oversight role
  • Audit committees are encouraged to think critically about disclosure to investors about the committee’s work.”