Washington, DC, March 20, 2014
The Public Company Accounting Oversight Board today announced the panelists and agenda for its April 2-3 public meeting to obtain further input on a proposal to enhance the auditor's reporting model.
The meeting will be held in Washington, DC, and the panelists will include investors and investor advocates, senior executives and audit committee chairs of major corporations, representatives from audit firms, academicians, and other interested parties.
"Protecting the interests of investors through an informative audit report is fundamental to the Board's mission," said Martin F. Baumann, PCAOB Chief Auditor. "We are fortunate to have assembled so many leading thinkers, representing a broad spectrum of views on auditor reporting, for this public meeting."
In light of the global interest in enhancing the auditor's report, Sir David Tweedie, the former Chairman of the International Accounting Standards Board, will address improving the auditor's report from an international perspective. Nick Land, Chairman of the UK Financial Reporting Council's Audit and Assurance Council, will address recent changes to the auditor's report adopted in the United Kingdom.
Panelists also will include representatives from the U.S. Treasury's Advisory Committee on the Auditing Profession (ACAP) that recommended improvements to the auditor's report in its October 2008 report.
Further panels will discuss the proposed requirement for the communication of critical audit matters as determined by the auditor from both large and small company perspectives, the auditor's responsibilities for other information in the annual report, auditor tenure and other basic elements of the auditor's report, and considerations specific to investment companies and brokers and dealers.
The Board's August 2013 proposal includes a new auditing standard that is intended to increase the informational value of the auditor's report to promote the usefulness and relevance of the audit and the related auditor's report.
The proposal also includes a second auditing standard to enhance the auditor's responsibilities for other information in an annual report that contains audited financial statements and the auditor's report.
Panelists will be invited to present their views on the matters raised in the proposal and the Board will have the opportunity to ask questions.
The meeting will begin both days at 9 a.m., and will be held at The Westin Washington DC City Center Hotel, 1400 M Street NW, Washington, DC. It will be open to the public and also available via webcast on the PCAOB website.
The Board is reopening the auditor's reporting model proposal for comment, consistent with its standard practice when the Board holds public meetings on standard-setting projects that previously were available for public comment.
The comment period is reopened until May 2, 2014, to provide an opportunity for members of the public to offer any additional views, as new information may become available as a result of the meeting.
Comments may be submitted by postal mail or email. Written comments should be sent to the Office of the Secretary, PCAOB, 1666 K Street NW, Washington, DC 20006. Email may be sent to firstname.lastname@example.org.
All comments should refer to PCAOB Rulemaking Docket Matter No. 034 in the subject or reference line and should be received by the PCAOB no later than 5 p.m. (EDT) on May 2, 2014. All comments will be made public.