SEC Chief Accountant Discusses Audit Committee Effectiveness, Other Current Topics

In a pair of recent speeches, SEC Chief Accountant Wesley Bricker discussed the critical role audit committees play in the financial reporting process, explored current challenges confronting audit committees, and offered suggestions for increasing audit committee effectiveness. He also addressed internal control over financial reporting, which continues to be a major area of interest for the SEC staff.

Audit Committee Effectiveness

In a March 24 speech at the University of Tennessee Corporate Governance Center, Mr. Bricker focused on the role and effectiveness of audit committees. While his wide-ranging remarks did not break new ground, he did provide insight into the SEC staff's perspective on key topics affecting audit committees. His principal points included: