Washington - Regulators at the Public Company Accounting Oversight Board are wrestling with proposals to abandon the current "pass/fail" auditor reporting model for informing investors of the accuracy of corporate financial statements - a move that could require independent accountants to provide considerably more information about the veracity of their clients' financial reports.Whether the additional work and information will translate into more useful data for investors was a matter of considerable debate during the latest meeting of the PCAOB's Standing Advisory Group.
Critics of the plan for requiring auditors to provide a more detailed discussion of their views of corporate financial statements warned the PCAOB that such a shift in auditors' reporting standards would create more confusion than enlightenment for most investors.
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