At its meeting on June 10-11, 2019, the AASB discussed issues related to developing an auditor’s report that complies with the requirements of both Public Company Accounting Oversight Board (PCAOB) standards and CASs. Key issues discussed include the differences between the PCAOB standards and CASs for: (i) the descriptions of auditor responsibilities and other information; and (ii) critical audit matters versus KAMs. The AASB concluded not to continue work on developing such a report due to the significant differences between the standards and the challenges in developing a report that would be understood. However, the Board agreed on future steps to address public interest issues that arise when there are separate PCAOB and CAS auditor’s reports on one set of financial statements.

Review the executive summary on the AASB's Web site.