The SEC reviews the financial reporting of every public company at least once every three years. If the SEC has questions, the company will receive a SEC Comment Letter. While most comment letters simply request additional information or clarity to financial statements, there are certain instances where comment letters trigger a red flag. In many cases, long SEC reviews appear to be correlated with other significant failures including SEC enforcement actions. In this article, Audit Analytics looked at more than 2,000 reviews of companies that were traded on one of the major exchanges between 2016 and April 2018 and identified companies with significant trends in comment letters.