Keeping High-Quality Financial Reporting In Focus

As the novel coronavirus (COVID-19) continues to impact the economy, regulators are keeping high-quality financial reporting squarely within their focus. In a public statement last week, Securities and Exchange Commission Chief Accountant Sagar Teotia acknowledged that in "these challenging times, investors and other stakeholders need high-quality financial information more than ever. The proper functioning of our capital markets depends on a regular supply of high-quality financial information that enables investors, lenders, and other stakeholders to make informed decisions." Similarly, the Public Company Accounting Oversight Board published COVID-19: Reminders for Audits Nearing Completion, which is directed to auditors but has some practical insights for companies and their audit committees.