US - SEC Highlights Key Issues for Audit Committees

​On 30 December 2019, SEC Chair Jay Clayton, the Corp Fin director and the SEC's Chief Accountant issued a statement to audit committees on their role in financial reporting and reminders regarding their oversight responsibilities. The statement makes several general observations, regarding: tone at the top; the importance of auditor independence; the importance of the audit committee in promoting an environment for management's successful implementation of new standards cannot be overstate; t