A recent roundtable with the Standing Advisory Group of the Public Company Accounting Oversight Board became the stage for a debate over whether auditors should issue more information in their audit reports than the standard “pass/fail” assessment.
Barbara Roper, director of investor protection for the Consumer Federation of America, said she favors more detail because the standard unqualified opinion makes no distinction between a company that does the minimum work to get a passing grade and a company that makes a concerted effort to provide thorough financial reporting.
