The PCAOB will consider reproposing amendments to auditing standards that would require disclosure in the auditor’s report of the name of the engagement partner and certain other participants in the audit.
This topic will be considered during a meeting at 9:30 a.m. EST on Dec. 4, and has been a source of formal interest for the PCAOB for more than four years. A concept release in July 2009 sought comment on whether the engagement partner should be required to sign the auditor’s report.
An earlier proposal issued in October 2011 would have required disclosure of the engagement partner and certain other firms, but it did not result in a standard. However, PCAOB Chairman James Doty said recently that the board’s understanding of the issue has improved through discussions with SEC staff members and reviews of academic research.
The board also will consider adopting proposed amendments that would conform PCAOB rules and forms to requirements contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203. These amendments, proposed in February 2012, include:
- Amendments that would establish PCAOB oversight over audits of brokers and dealers.
- Amendments to certain rules based on the PCAOB’s administrative experience.
The Dec. 4 meeting will be available by webcast on the PCAOB site.
—Ken Tysiac (firstname.lastname@example.org) is a JofA senior editor.