The Public Company Accounting Oversight Board on Wednesday adopted Auditing Standard No. 16, Communications with Audit Committees, which establishes requirements that enhance the relevance and timeliness of communications between the auditor and audit committee, in addition to amendments to other PCAOB standards.
The standard, initially proposed by the board on March 29, 2010, and re-proposed Dec. 20, 2011, in response to comment letters and a roundtable, is intended to foster constructive dialogue between the auditor and audit committee on significant audit and financial statement matters.
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