On July 18, the Securities and Exchange Commission announced the agenda for its open meeting to be held on July 25. At the meeting, the SEC will consider whether to:

  •  approve the Public Company Accounting Oversight Board’s Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting that is Integrated with an Audit of Financial Statements, a Related Independence Rule 3525, and Conforming Amendments
  •  adopt rule amendments to Rule 12b-2 of the Securities Exchange Act of 1934 and Rule 1-02 of Regulation S-X to define the term “significant deficiency;
  •  publish a Concept Release to solicit public comment on allowing U.S. issuers, including investment companies subject to the Investment Company Act of 1940, to prepare financial statements in accordance with International Financial Reporting Standards as published in English by the International Accounting Standards Board for purposes of complying with the SEC’s rules and regulations; and 
  • propose amendments to the proxy rules under the Securities Exchange Act of 1934, for operating and investment companies regarding shareholder proposals, disclosure about shareholder proponents, shareholder communications, and related matters.