The US Public Company Accounting Oversight
Board (PCAOB) has adopted auditing standard No. 16 on
communications with audit committees and has made amendments to
other standards.
The new standard aims to ensure meaningful
dialogue between auditors and audit committees in order to improve
the quality of audits.
PCAOB chief auditor and director of
professional standards Martin Baumann said the standard emphasises
effective two-way communication required for important aspects of
audits and financial statements.
The standard and the amendments replace
interim auditing standards AU sec. 310, Appointment of the
Independent Auditor, and AU sec. 380, Communication with Audit
Committees.
If the US Securities Exchange Commission (SEC)
approves the new standard it will be effective from 15
December.
The PCAOB said the standard and related
amendments apply to audits of emerging growth companies if the SEC
makes a determination called for under the Jumpstart Our Business
Startups Act of 2012.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
