SEC’s Audit Committee Reporting Project Halted
Despite receiving over 100 comment letters in regard to Concept Release No. 33-9862, Possible Revisions to Audit Committee Disclosures, the Securities and Exchange Commission (“SEC”) has decided to put the project on hold. Last month, SEC Chief Accountant James Schnurr said he does not expect any progress in the short term regarding the agency’s efforts to improve audit committee disclosures in proxy filings. Schnurr contributed the decision to the SEC’s inability to reach a consensus on a course of action from the comments submitted.
At this time, Schnurr’s staff is reviewing the comments more closely to determine the project’s next steps.