The PCAOB adopted a new auditing standard in June 2017 (pending SEC approval) “to enhance the relevance and usefulness of the auditor’s report by providing additional and important information to investors.”
According to the PCAOB news release, “The new standard and related amendments require auditors to include in the auditor’s report a discussion of the critical audit matters (CAMs) which are matters that have been communicated to the audit committee, are related to accounts or disclosures that are material to the financial statements, and involved especially challenging, subjective, or complex auditor judgment.
Under the new standard, the auditor’s report will disclose, among other things, the tenure of an auditor, specifically, the year in which the auditor began serving consecutively as the company’s auditor. It also will include the phrase, “whether due to error or fraud,” in describing the auditor’s responsibility under PCAOB standards to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements.”
Peruse the information linked below and take a look at one SEC comment letter of your choice.
https://pcaobus.org/Rulemaking/Pages/Docket034.aspx
PWC Video
https://www.pwc.com/us/en/cfodirect/publications/in-brief/pcaob-new-auditor-reporting-model.html
https://pcaobus.org/News/Releases/Pages/fact-sheet-auditors-report-standard-adoption-6-1-17.aspx
https://pcaobus.org/News/Releases/Pages/auditors-report-standard-adoption-6-1-17.aspx
https://pcaobus.org/Rulemaking/Docket034/2017-001-auditors-report-final-rule.pdf
https://www.accountingtoday.com/news/pcaob-makes-major-changes-to-auditors-report
https://www.sec.gov/rules/pcaob/2017/34-81187.pdf
https://www.accountingtoday.com/news/groups-weigh-in-with-sec-on-pcaob-audit-report-standard
PCAOB Comment Letters
https://pcaobus.org/Rulemaking/Pages/Docket034Comments.aspx
TSCPA Comment Letter to PCAOB
https://pcaobus.org/Rulemaking/Docket034/062c_TSCPA.pdf
SEC Comment Letters
https://www.sec.gov/comments/pcaob-2017-01/pcaob201701.htm
Opinion Question 1:
What is your opinion on the new audit reporting standard? Explain your thoughts.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more