Audit firms are privy to much more information about a client's financial condition than ever gets released to investors in their audit reports. Now regulators are opening a broad debate on how best to pry loose more of that data and make it available to the public.
The Public Company Accounting Oversight Board published a concept release last week to flesh out ideas on how to require auditors to give investors a better understanding of where they believe companies may have the greatest risks in their financial statements. The goal is to change the culture of auditing to one where auditors ...