A New Auditor’s Reporting Model is Being Considered by PCAOB

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The PCAOB, Public Company Accounting Oversight Board, met August 13th., 2013,  to consider proposing a new auditor’s reporting model as well as new auditor’s responsibilities for other information in an annual report that contains audited financial statements and the auditor’s report, writes Ken Tysiac for the Journal of Accountancy.

These contents of the auditor’s report have been the subject of significant activity by standard setters in recent months. The International Auditing and Assurance Standards Board last month proposed standards that would change international auditor reporting guidelines significantly and require more communication from auditors.

According to the PCAOB, Auditors’ reports in the United States have changed little since the 1940s. The PCAOB intends its proposal to enhance the usefulness of the auditor’s communication to those who rely on the auditor’s report.

The PCAOB has been working on these changes to the auditor’s report for three years and in June, 2011, issued a concept release to seek public comment on possible changes.

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