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PCAOB reports compliance with communications standard

Tammy Whitehouse | April 6, 2016

Audit regulators delivered some rare praise to public company auditors in a new report describing compliance with a new auditing standard governing communication with audit committees.

The Public Company Accounting Oversight Board said it was “encouraged” that most firms had incorporated the requirements of Auditing Standard No. 16, which took effect in 2013, into their audit practices. In their 2014 inspection cycle, which reviewed 2013 financial statements, the PCAOB said inspectors found no failures to comply with the standard in 93 percent of the audits they reviewed. The board said preliminary results from 2015 inspections reflect similar results.

The PCAOB...

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