PCAOB Reconsiders Requiring Disclosure of Audit Engagement Partner

The Public Company Accounting Oversight Board plans to hold a meeting next Wednesday to discuss re-proposing a requirement for auditing firms to disclose in the auditor’s report the names of the engagement partner and certain other participants in the audit.

The proposal has met with resistance from audit firms in the past, but amid continuing problems with audit quality, the board wants to reconsider the proposal as a way to improve the transparency of audits.

The PCAOB initially issued a proposal for disclosures of the engagement partner and any other firms involved in the audit in October 2011. The proposal followed a concept release issued in July 2009 on requiring the engagement partner to sign the audit report. Related information is available on the PCAOB's Web site.

At the same December 4 meeting, the PCAOB also intends to consider adopting several proposed amendments that would conform the PCAOB’s rules and forms with requirements of the Dodd-Frank Act, particularly those establishing PCAOB oversight over audits of brokers and dealers, along with amendments to certain rules based on the board's administrative experience. The conforming amendments were originally proposed in February 2012.

The meeting begins at 9:30 am Eastern Time and is open to the public. It will take place in the Board's meeting room at 1666 K St. NW, Washington, D.C. A webcast via a link on the PCAOB’s Web site will be made available the day of the meeting. The meeting also will be available via podcast later in the day.