PCOAB Proposes Amendments to Improve Transparency for Public Company Audits

The US Public Company Accounting Oversight Board (PCAOB) has proposed amendments to its standards that are designed to improve transparency in public company audits. The proposed amendments include requirements to disclose the engagement partner's name in the audit report and the PCAOB Annual Report form. The proposal also would require that the audit report contain the names of other accounting firms and other people not employed by the auditor who took part in the audit. Comments on the proposal are due by 9 January 2012.