The Public Company Accounting Oversight Board
(PCAOB) has proposed amendments to its standards to improve
transparency.
The proposal requires the disclosure of the
engagement partner’s name in the audit report and in the PCAOB
annual report form. In addition, the audit report should contain
the names of other accounting firms and other people not employed
by the auditor who took part in the audit.
These changes will enable investors to
determine whether the firm has been subject to PCAOB inspection or
is located in a country that does not allow it.
“This would bring disclosures about US audit
engagement partners more in line with those provided for many
engagement partners abroad,” PCAOB chairman James Doty
said.
Deadline for comments on the proposed
amendments are due by 9 January 2012.
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