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October 6, 2011

PCAOB considers amendments to improve transparency

The US Public Company Accounting Oversight Board (PCAOB) will hold an open meeting on next week to consider making amendments to its standards to enhance the transparency of public company audits.

The proposed amendments are:

  • require registered public accounting firms to disclose the name of the engagement partner in the audit report;
  • amend the PCAOB’s annual report form to require registered firms to disclose the name of the engagement partner for each audit report already required to be reported on the form; and
  • require disclosure in the audit report of other accounting firms and certain other participants that took part in the audit.

The proposal to require disclosure of the name of the engagement partner would follow and build upon a related concept release issued by the PCAOB in 2009.

 

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