PCAOB Calls for Feedback on Reporting Changes
The US Public Accounting Oversight Board (PCAOB) is to host a public roundtable next month to discuss feedback on its proposals for possible changes to the auditor’s reporting model which are designed to introduce more transparency into the audit process and to improve insight into a company’s financial statements or other information.
The options under consideration in its concept release include an auditor’s discussion and analysis, required and expanded use of emphasis paragraphs; auditor assurance on other information outside the financial statements; and clarification of language in the standard auditor's report.
James Doty, PCAOB chairman said: ‘The board’s consideration of the audit reporting model is intended to identify meaningful opportunities to enhance the relevance of auditors’ communications with investors. I look forward to a robust discussion at the roundtable meeting of various possibilities raised in the Board’s concept release or by commenters.’
The roundtable will be held in Washington on 15 September, and will be available via webcast on the PAOB website. The consultation closes on 30 September.