PCAOB Extends Comment Period for Reproposed Amendments to Improve Transparency by Requiring Disclosure of the Engagement Partner and Certain Participants in the Audit
The Public Company Accounting Oversight Board today announced it has extended until March 17, 2014, the comment period on the reproposed amendments to PCAOB auditing standards that would provide greater transparency into audits of public companies, brokers, and dealers about the engagement partner and certain other participants in the audit.
In December 2013, the Board reproposed the amendments, which would require disclosure in the auditor's report of:
- the name of the engagement partner who led the audit for the most recent period, and
- the names, locations, and extent of participation (as a percentage of the total audit hours) of other public accounting firms that took part in the audit, and the locations and extent of participation of other persons (whether an individual or a company) not employed by the auditor who performed procedures on the audit.
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 [email protected].
All comments should refer to Rulemaking Docket Matter No. 029 in the subject or reference line and should be received by the PCAOB no later than 5 p.m. EDT on March 17, 2014. All comments will be made public.