Audit committee requirements
Audit committee requirements in the Financial and Capital Markets sector sit under active oversight from the U.S. Securities and Exchange Commission, the Public Company Accounting Oversight Board, and the European Securities and Markets Authority, each with distinct independence, expertise, and disclosure mandates that apply to listed firms, broker-dealers, and asset managers in their jurisdictions. The SEC's existing rules under Exchange Act Section 10A and Regulation S-K Item 407 set the baseline in the United States, but PCAOB standard-setting activity and ESMA's ongoing push for harmonized audit committee composition rules across EU member states mean the requirements firms governed by both regimes are watching are not static. Cresthaven is monitoring every rulemaking, consultation paper, and enforcement signal in this space as they publish.
Watch
- PCAOB proposals to expand auditor reporting requirements affecting committee oversight obligations
- SEC Regulation S-K Item 407 disclosure expectations under current enforcement review
- ESMA consultation on audit committee independence standards for cross-listed issuers
- Financial industry firms reconciling dual US/EU committee composition rules before annual proxy season
Recent material activity in Financial & Capital Markets
Active monitoring in place across Financial & Capital Markets. Material developments related to audit committee requirements will appear here as they are published.