The SEC Filing Review Process: A Survey and Future Research Opportunities

Abstract

As part of its goal to monitor and enhance the quality of information available to investors, the Securities and Exchange Commission (SEC) reviews companies’ filings to ensure compliance with applicable financial reporting and disclosure requirements. Increased public interest and the substantial costs for both the SEC in reviewing and the companies in responding have led to a rapidly growing body of accounting literature that examines the filing review process. We survey and comment on 80 published and unpublished academic research papers in this literature and identify significant gaps that future research should address. We also summarize the institutional features of the filing review process, aiming to inform future academic studies. Our survey should be of interest to both academics and market participants evaluating the effectiveness and efficiency of the filing review process.

To download the SAS codes, please visit https://lcunningham.utk.edu/sec-filing-review-process-sas-codes/

Keywords: comment letter; filing review process; Securities and Exchange Commission; SEC

JEL Classification: G18, M41, M48, L51