SEC Chief Accountant Discusses Agency’s COVID-19 Response

The SEC has posted to its Web site a public statement made by SEC Chief Accountant Sagar Teotia regarding the Commission’s response to the COVID-19 crisis. Mr. Teotia underscored the SEC’s continued engagement with stakeholders and commitment to support companies, auditors, and others through these challenging times. He also noted that in view of such challenges, “investors and other stakeholders need high-quality financial information more than ever.”

More specifically, Mr. Teotia addressed how the SEC is working with other agencies to address the ramifications of COVID-19, including the FASB, PCAOB, IASB, and Monitoring Group. In addition, he discussed the SEC’s recently issued order that extends the temporary 45-day grace period for registrants affected by COVID-19 and emphasized the SEC’s availability “to help companies, auditors, and others with complex accounting, financial reporting, independence, and auditing issues.” He further pointed out that the Office of the Chief Accountant “remains available for consultation” and that stakeholders are encouraged “to contact our office with questions they encounter as a result of COVID-19.”