Accounting and financial firms and business groups are sending comment letters to the Securities and Exchange Commission ahead of a deadline Friday for approving a new standard from the Public Company Accounting Oversight Board on expanding the scope of audit reports.
In June, the PCAOB voted to approve a new standard that would significantly change the auditor’s reporting model, adding a section discussing “critical audit matters” (see PCAOB makes major changes to auditor’s report). The critical audit matters would include those issues that involve “especially challenging, subjective or complex auditor judgment.” Auditors would also need to disclose their tenure in terms of how many years they have consecutively audited a company.
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