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September 28, 2017updated 03 Jan 2021 5:40pm

PCAOB revises proposal for a lead auditor to supervise other auditors

By Stephanie Wix

The Public Company Accounting Oversight Board (PCAOB) has voted on 26 September to seek additional comment on its proposal requiring a lead auditor to supervise other auditors.

The proposal is designed to increase the lead auditor's involvement and will include the planning, supervising and evaluating the work of other auditors.

The PCAOB has found that the number of audits involving other audit firms has increased and therefore suggested that a uniform approach would be achieved by directing the lead auditor responsibilities towards areas of risk. Also in order to act as lead auditor, an audit firm must itself audit a meaningful portion of the financial statements.

The proposal is being revised in order to make provisions and changes to address comments so far received since the release of the initial proposal.

Comments are requested by 15 November.

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