PCAOB extends comment period on engagement partner ID proposal

BY KEN TYSIAC

The PCAOB has extended the comment period on its reproposed standard that would require the engagement partner and certain other participants in the audit to be identified in the audit report.

The new deadline is March 17; the original deadline was Feb. 3. The board reproposed the amendments in December. The proposed amendments would require audit reports to disclose:

  • The name of the engagement partner who led the audit for the most recent period.
  • The names of, location of, and the percentage of total audit hours contributed by other public accounting firms that took part in the audit.
  • The locations of and percentage of total audit hours contributed by other persons (whether individuals or companies) not employed by the auditor who performed procedures on the audit.


Comments can be made electronically at comments@pcaobus.org by 5 p.m. on March 17.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.