Conversation with SEC Leaders: 5 Takeaways for the Public Company Audit Profession

Regulators are moving quickly in 2026 to advance proposals aimed at reducing regulatory burdens and encouraging economic growth. In times of regulatory change, the public company audit profession plays a critical role in engaging with policymakers to champion rules and standards that preserve audit quality and investor confidence in our capital markets.

During our latest Audit Insider webinar, I joined Kurt Hohl, U.S. Securities and Exchange Commission (SEC) Chief Accountant, Heather Rosenberger, Chief Accountant in the SEC’s Division of Corporation Finance, and my colleague Annette Schumacher, CPA CGMA, Senior Director of Professional Practice, to discuss current initiatives at the SEC and how they could impact corporate reporting at public companies and independent, external public company auditors.

From filer status and semiannual reporting to Public Company Accounting Oversight Board (PCAOB) oversight, Hohl and Rosenberger shared valuable insights. Here are five takeaways from our conversation:

1. The SEC’s recent proposals are part of a broader effort to make it easier for companies to enter and remain in the public markets. Rosenberger walked through the filer status and semiannual reporting proposals in terms of what the Commission is trying to accomplish: better calibrating disclosure obligations to a company’s size and maturity and simplifying a framework she described as an alphabet soup of overlapping filer statuses. Both proposals connect back to the same objective of easing burdens for companies to go and remain public.
2. The SEC staff take comment letters seriously, and this Commission is seeking input before drafting some rule proposals. Rosenberger shared that SEC staff review every comment letter received and that the input is invaluable in shaping final rules. Rosenberger also noted that for certain rules, the SEC is requesting comments before a proposal exists. That approach allows the staff to gather technical feedback before drafting a proposal.
3. Hohl noted that the PCAOB serves a critical oversight function and is undertaking efforts to modernize its approach to supervision and oversight. Finalizing the QC 1000 amendments, expected near year end, is a priority for the PCAOB, because it will provide a baseline that will enable the inspection program to be redesigned around the system of quality control. Hohl acknowledged that a quality control focused inspection model may be tougher on firms.
4. Auditor independence remains top of mind. Hohl outlined a three-step roadmap: refreshing SEC staff FAQs, working with the PCAOB to modernize and align with the SEC’s independence rules, and potentially revisiting the Commission’s own independence rules, including provisions that may be antiquated in today’s business environment. Hohl emphasized that this effort will take time, noting that the earliest a rule proposal would be issued is next year.
5. Staff observations point to the same message; they are open for business. In OCA, Hohl shared the SEC staff have been receiving consultations on structured transactions designed to achieve a particular accounting outcome. These are highly fact-specific, and OCA coordinates with the Division of Corporation Finance on these matters. On the reporting side, Rosenberger described the waiver process as “open for business.” Rosenberger shared that not everything can be waived and some requests fall outside their delegated authority.

While the topics ranged from filer status to auditor independence, a common thread ran through the discussion: regulators are actively reexamining longstanding requirements and are looking for stakeholder input as they do so. For public company auditors and other members of the financial reporting ecosystem, this is an important opportunity to engage in the process and help shape the future regulatory landscape.

To hear the full discussion, watch the webinar recording (CPE was available only to participants who joined the live program on July 13, 2026) and follow the CAQ on LinkedIn for updates on how these developments and others will impact the future of public company auditing.

For a detailed timeline of what was discussed when in the webinar see below:

• 0:02 to 1:34 Opening
• 1:34 to 5:42 Kurt Hohl’s Opening Remarks
• 6:17 to 9:20 Heather Rosenberger’s Opening Remarks
• 10:00 to 15:42 Filer Status Proposal
• 15:57 to 21:00 Section 404(b) and Other Accommodations as a Result of Filer Status Simplification
• 21:02 to 29:25 Semiannual Reporting Proposal
• 30:46 to 51:20 PCAOB Oversight Priorities
• 52:18 to 55:43 Auditor Independence
• 56:16 to 58:45 SEC staff observations
• 58:54 to 59:30 Closing