SEC: Request for Comment on Earnings Releases and Quarterly Reports

In this letter, the CAQ provides input to the Securities and Exchange Commission (SEC) on its Request for Comment on Earnings Releases and Quarterly Reports. Expressing overall support for the SEC’s focus on this area, the letter conveys the CAQ’s belief that “the current periodic reporting system provides investors, management, and boards with reliable, timely, and important information.” Through the lens of the public company auditing profession, the letter offers perspective, identifies challenges, and makes specific recommendations regarding the following topics:

• Benefits of Existing Safeguards Related to Form 10-Q
• Using the Earnings Release to Satisfy Some Form 10-Q Requirements
• Change in Frequency Considerations
• Opportunities for Disclosure Effectiveness in Interim Reporting