PCAOB Reproposes Changes to the Auditor’s Report
Published on:
May 27, 2016
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On May 11, 2016, the PCAOB issued Release 2016-003,1 reproposing changes to the auditor’s reporting model (the “reproposal” or “reproposed standard”). These changes are intended to increase the informational value, usefulness, and relevance of the auditor’s report. While still retaining the current “pass/fail” approach, the reproposal includes several significant modifications to the auditor’s report as discussed further below. The reproposal also modifies several aspects of the PCAOB’s original proposal issued in 2013 regarding changes to the auditor’s report (the “2013 proposal”).
