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PCAOB to Consider Reproposal on Improving the Transparency of Audits by Requiring Disclosure of the Engagement Partner and Certain Participants in the Audit

Board also considers adoption of Dodd-Frank conforming amendments for broker-dealer audits and certain other updates and clarifications

The Public Company Accounting Oversight Board today announced that it has scheduled an open meeting for 9:30 a.m. on Wednesday, Dec. 4, to consider reproposing for public comment amendments to PCAOB auditing standards that would require the disclosure in the auditor's report of the engagement partner and certain other participants in the audit.

Also, the Board will consider adoption of proposed amendments that conform PCAOB rules and forms to the Dodd-Frank Act requirements, particularly those establishing PCAOB oversight over audits of brokers and dealers, as well as amendments to certain rules based on the Board's administrative experience. The conforming amendments were proposed in February 2012.

The PCAOB initially issued a proposal regarding the disclosures of the engagement partner and certain other firms to improve the transparency of audits in October 2011. The proposal followed a Concept Release issued by the Board in July 2009 on requiring the engagement partner to sign the audit report. Related information is available on the PCAOB website.

The meeting is open to the public and will take place in the Board's meeting room at 1666 K St. NW, Washington, DC. A webcast via a link on the PCAOB website will be made available the day of the meeting. The meeting also will be available via podcast later in the day.

 

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