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PCAOB's Hanson on Audit Reform

Compliance Week | June 28, 2011

Jay Hanson, one of the newest members of the Public Company Accounting Oversight Board, gave a keynote address at the Compliance Week 2011 conference in Washington D.C last month, followed by a question and answer period. With so much material to cover, Hanson didn't get to many of the insightful questions members of the audience submitted. Hanson graciously agreed to answer them after the event.  

Hanson and the rest of the PCAOB board are taking up an aggressive agenda, assessing the state of the audit profession and looking for ways increase audit quality, including possible changes to the audit report.

What is the Board's assessment of the risk that as auditors discuss more about financial statements and judgments, companies will become more or overly conservative in the financial statement preparation?

The PCAOB has engaged in extensive outreach to understand if and how changes to the auditor's report could benefit... To get the full story, subscribe now.