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MONTH-IN-BRIEF (Feb 2020)

SECURITIES REGULATION

SEC Chair Jay Clayton and Others Issue Statement on Continued Dialogue with Audit Firm Representatives on Audit Quality on China and Other Emerging Markets; Coronavirus—Reporting Considerations and Potential Relief

By Rani Doyle, EY*

On February 19, 2020, SEC Chair Jay Clayton, Division of Corporate Finance Director Bill Hinman, Chief Accountant Segar Teotia and PCAOB Chair William D. Duhnke III (collectively, the “SEC and PCAOB representatives”) issued a statement about recent meetings with senior representatives of the four largest U.S. audit firms, including certain of their network representatives, to discuss audit quality across their global networks and certain of the challenges faced in auditing public companies with operations in emerging markets, including China.  

The SEC and PCAOB representatives expect to have similar meetings with other U.S. audit firms that, through use of their own networks or otherwise, audit U.S.-listed companies with significant operations in emerging markets, including China.

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