Improving Transparency at the SEC
Could open dialogue between an SEC director and audit committee chairs lead to improved communications among all stakeholders? This question was the focus for a remarkable engagement between John White, director of the Division of Corporation Finance (Corp Fin) at the Securities and Exchange Commission, and Tapestry's Audit Committee Leadership Network in North America (ACLN).
In 2006, Mr. White took over as director of Corp Fin during a prolific rule-making period, including the adoption of rules addressing Sarbanes-Oxley Section 404 internal control requirements. Corp Fin oversees disclosure and reporting by public companies that are registered with the SEC.
While initially skeptical about the value of meeting with the ACLN, Mr. White found the dialogue with audit chairs provided valuable input, especially as he wrestled with the best way to proceed with several projects that he felt were important as he sought to enhance the Division's dialogue with issuers and its transparency to the public at large. Mr. White said, "The experience was a real eye-opener. The audit committee chairs were incredibly engaged and offered very helpful insights."
- Regulatory balance: a dialogue with John White
A summary of the ACLN's first meeting with John White, covering working with Corp Fin to reduce restatements, improving teamwork with Corp Fin, and other matters such as IFRS, SOX Section 404, and new CD&A disclosures.
- Working with the Division of Corporation Finance
In September 2008, members of the ACLN met with John White and Corp Fin staff members to discuss the filing review process and how to address accounting complexity.
- SEC issues for audit and compensation committees
Audit and compensation committee chairs met with Meredith Cross, current director of the SEC's Division of Corporation Finance, to discuss the rulemakings required by the Dodd-Frank Wall Street and Consumer Protection Act and their impact on businesses.