PCAOB logo
Photo: PCAOB

The Public Company Accounting Oversight Board has published an updated version of its staff guidance on implementing the new version of the auditor’s report.

The Dec. 28 update is based on the guidance the staff issued on Dec. 4, and offers additional information on determining auditor tenure (see page 4).

In June 2017, the board adopted a new auditing standard, AS 3101, “The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses and Unqualified Opinion,” that made some significant changes to the traditional auditor’s report.

Most of the changes were due to go into effect on Dec. 15, 2017; those related to “critical audit matters” won’t be effective until June 30, 2019, for large accelerated filers, or Dec. 15, 2020, for all other companies.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access

Daniel Hood

Daniel Hood

Daniel Hood is editor-in-chief of Accounting Today and Tax Pro Today, and has covered the tax and accounting field for over 20 years.