Comment letter deadline on PCAOB Requirements for Auditor Supervision of Other Auditors
The Public Company Accounting Oversight Board (PCAOB) issued a proposal to strengthen existing requirements and impose a more uniform approach to a lead auditor's supervision of other auditors.
In many audits, particularly those of large, multinational companies, important audit work is performed by accounting firms or individual accountants outside the audit firm issuing the audit report. The proposal addresses the lead auditor's responsibilities in overseeing those other auditors.
The Board requests public comment on its proposal by July 29, 2016.
Review the press release and the proposal on the PCAOB's Web site.