PCAOB Issues Updated Staff Guidance for Firms Filing Form AP

The PCAOB today issued updated staff guidance for firms filing the new Form AP.

Staff Guidance on Form AP, Auditor Reporting of Certain Audit Participants and Related Voluntary Audit Report Disclosure Under AS 3101, Reports on Audited Financial Statements(PDF) was recently updated to provide guidance to firms on the treatment of professional staff in secondment arrangements.

The staff guidance issued today replaces the January 26, 2017, version and should be used by firms going forward. Staff may update this guidance as needed.

Under rules adopted by the PCAOB, registered audit firms are required to submit Form AP to disclose the names of engagement partners and other accounting firms that participated in audits of public companies.

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About the PCAOB

The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers, including compliance reports filed pursuant to federal securities laws.