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Auditors May Face New Reporting Model, PCAOB Says

Tammy Whitehouse | December 7, 2010

U.S. auditors may soon be required to change the format of their audit reports as audit regulators consider growing demands to update the traditional reporting model.

The staff of the Public Company Accounting Oversight Board is conducting research and consulting with focus groups to explore alternatives to the current reporting model, said Daniel Goelzer, acting chairman of the PCAOB, at a national conference of the American Institute of Certified Public Accountants today. The staff will present its findings to the board in early 2011, Goelzer said, and the board expects to publish a concept release in mid-2011 followed by a roundtable to solicit feedback.

“It is clear there is considerable investor hunger for more insight from the auditor into the audit process and the company's financial reporting,” Goelzer said. The Treasury Advisory Committee on the Auditing Profession...

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