Audit committee quarterly update

This update provides a summary of some of the more important first quarter 2022 accounting, financial reporting, and regulatory activities. The content is not meant to be all-inclusive.

Topics include:

• Center for Audit Quality (CAQ) audit committee survey
• Materiality assessment of errors
• Cybersecurity-related proposals
• SEC proposes rules to enhance and standardize climate-related disclosures
• SEC proposes rules to enhance disclosure and investor protection relating to special purpose acquisition companies, shell companies, and projections
• SEC issues proposal to reduce risks in clearance and settlement of securities
• Other SEC proposals
• Accounting and reporting implications of the Russia/Ukraine war