PCAOB Proposals Would Significantly Expand Auditor Responsibility
Client Newsflash

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The PCAOB recently proposed two auditing standards in an effort to improve the auditor’s report that accompanies annual financial statements:  The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion and The Auditor’s Responsibilities Regarding Other Information in Certain Documents Containing Audited Financial Statements and the Related Auditor’s Report.  The proposals follow earlier concept releases by the PCAOB and are part of an effort to make the auditor’s report more useful, rather than being a mere “pass/fail” report on the financial statements.