PCAOB updates guidance on new auditor’s report

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Dec 28, 2017

On December 28, 2017, the Public Company Accounting Oversight Board (PCAOB) published an updated version of its staff guidance on implementing the new version of the auditor’s report.

The December 28 update is based on the guidance the staff issued on December 4, and offers additional information on determining auditor tenure (see page 4).

In June 2017, the board adopted a new auditing standard, AS 3101, “The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses and Unqualified Opinion,” that made some significant changes to the traditional auditor’s report.

Most of the changes were due to go into effect on December 15, 2017; those related to “critical audit matters” won’t be effective until June 30, 2019, for large accelerated filers, or December 15, 2020, for all other companies.

Review the updated staff guidance on the PCAOB's website and an article on Accounting Today's website.

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