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New transparency rolls out in Form AP audit filings

Tammy Whitehouse | July 11, 2017

Here’s a call to attention for audit committees. Audit regulators are rolling out a powerful gift they worked hard to win that will help you better assess the quality of your external auditor.

A second component of Form AP filings is taking effect this summer to give audit committees some visibility into how much of their audit work is performed by firms other than the principal audit firm they hired. Regulators estimate virtually every multinational company will begin to see the names of at least one or two additional audit firms that are performing key parts of their audits.

The Public Company Accounting Oversight Board adopted a new filing requirement for all registered audit firms that compels firms to name both the engagement partner on each public company audit and the names of any outside participants who...

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