ACC Files Comments with SEC re: Audit Committee Disclosures

ACC Position: 

On September 8, 2015, the ACC filed comments with the Securities Exchange Commission regarding its concept release on additional disclosures around audit committee activity. The ACC was joined by its Corporate and Securities Law Committee, as well as 100 general counsel. The ACC comments question the utility of additional disclosures by making four primary points: (1) the Commission should eliminate – not reinforce – “disclosure overload”; (2) principles-based frameworks should drive the development of any new disclosure requirements; (3) the Commission must weigh the benefits of any new disclosure requirements against their cost and the potential for increased liability; and (4) the Commission must safeguard the confidentiality of communications between the audit committee and the auditor.

Click here to view the letter.