The re-proposal also includes the naming of other firms and people who took part in the audit but are not employed by the auditor who performed procedures on the audit.
The re-proposal was the second time the PCAOB attempted to make changes along these lines, and released a set of proposals that were similar in 2011.
While these initial proposals proved unpopular, when the re-proposal was launched PCAOB chairman James Doty claimed it would "increase the usefulness of the auditor’s report for investors when making their investment decisions, as well as when voting on the ratification of a company’s choice of accounting firm as its auditor."
However the Accountant found many in the US uneasy over the plans. For example, CAQ executive Cindy Fornelli told TA she did not believe the auditor’s report was the correct place to identify the engagement partner, and questions were also raised of the legal implications.
Related Articles
Analysis: US profession uneasy over PCAOB rules on audit partner disclosure
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 GlobalDataRelated Link
The Public Company Accounting Oversight Board
