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August 25, 2011

PCAOB to hold roundtable on reporting changes

The US Public Company Accounting Oversight Board (PCAOB) will hold a roundtable discussing possible changes to the auditor’s reporting model in order to ‘enhance the relevance of auditors’ communications with investors’.

The PCAOB said the objective of the roundtable is to obtain insight from investors and other financial statement users, such as preparers of financial statements, audit committee members and auditors, on the alternatives presented in the concept release for changing the auditor’s report.

“The board’s consideration of the audit reporting model is intended to identify meaningful opportunities to enhance the relevance of auditors’ communications with investors,” PCAOB chairman James Doty said.

The roundtable will be based on a PCAOB concept release issued on 21 June, which presents several alternatives for changing the auditor’s reporting model and seeks comment on these or other alternatives that could provide investors with more transparency into the audit process and more insight into the company’s financial statements or information outside the financial statements.

The roundtable will be held on 15 September 2011 in Washington, DC.

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