In a public statement issued today, SEC Chair Jay
Clayton, Corp Fin Director Bill Hinman, SEC Chief Accountant Sagar
Teotia and PCAOB Chairman William D. Duhnke III provided guidance
regarding the impact of the coronavirus on financial reporting and
audit quality, as well as the potential availability of regulatory
relief. The statement arose out of the recent continuing dialogue between
these officials and the senior leaders of the largest U.S. audit
firms regarding difficulties in connection with conducting audits
in emerging markets.
You might recall that, in his statement in connection with the recent
issuance of the new MD&A proposal (see
this PubCo post), Clayton indicated that he had "asked the
staff to monitor and, to the extent necessary or appropriate,
provide guidance and other assistance to issuers and other market
participants regarding disclosures related to the current and
potential effects of the coronavirus." Although he recognized
that the impact
