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Audit & Assurance Update — PCAOB issues rules to require disclosure on new Form AP

Published on: Jan 11, 2016

This Audit & Assurance Update addresses new transparency rules and related amendments that, subject to approval by the SEC, require audit firms to disclose the name of the engagement partner and information about certain other audit participants on a new PCAOB Form AP, Auditor Reporting of Certain Audit Participants. Under the final rules, for each audit report issued by a registered public accounting firm for an issuer, the firm will be required to file with the PCAOB a report on Form AP that discloses:

  • The name of the engagement partner.
  • The name, location, and extent of participation (as a number or within a range) of each accounting firm participating in the audit whose work constituted at least 5 percent of total audit hours.
  • The number and aggregate extent of participation of all other accounting firms participating in the audit whose individual participation was less than 5 percent of total audit hours.

Forms AP filed with the Board will be available for public review via a searchable database on the PCAOB’s website.

Note that these new rules are disclosure requirements and do not change the performance obligations of the auditor in conducting the audit.

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Correction list for hyphenation

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