This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

PCAOB Reproposes Standard to Enhance the Auditor’s Report for Investors with Refined Requirements for Critical Audit Matters

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

May 11, 2016

On May 11, 2016, the Public Company Accounting Oversight Board reproposed for public comment the auditor reporting standard to enhance the auditor's report to make it more informative for investors by requiring auditors to provide information on critical audit matters.

The Board is reproposing the auditor reporting standard, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, and related amendments to certain other PCAOB standards.

The revised proposal would retain the pass/fail model in the existing auditor's report, but would provide additional information in the report, such as the communication of critical audit matters arising from the audit and new elements related to auditor independence and auditor tenure.

Comments on the proposed standards and related amendments are due by August 15, 2016.

Review the press release on the PCAOB's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.