The SEC must review financial statements and disclosures of public firms at least once every three years. When it does, it may send a comment letter to the company if it has questions or sees problems. Companies have 10 days to respond, and all of these responses and comment letters are made public. Deloitte has published its 2017 edition of SEC Comment Letters—Including Industry Insights. Topics included cover business combinations, fair value (valuation techniques and inputs), and impairments of goodwill. Examining the issues in the comment letters can help you make sure you have addressed these areas properly in your own engagements.

Tip: Use the SEC’s EDGAR database to search comment letters when deciding to accept a new client for a fair value engagement. Are the company’s responses clear and well thought out? Are they argumentative? What you find may make the difference in whether you take the engagement or turn it down.