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PCAOB tries again for rule to expand audit report

Tammy Whitehouse | May 11, 2016

The Public Company Accounting Oversight Board has approved a new proposal to expand the current pass-fail audit report in a way that would give investors more information about what auditors do and what they learn during the course of their work.

It is the board’s second try at a standard that would require auditors to identify and explain in the audit report “critical audit matters” that arose during the course of each audit. Concerns over of the first proposal, issued in 2013, centered on whether it would prompt auditors to disclose information that even management is not required to share with investors, and whether it gave auditors too broad of a definition of what they might need to explain...

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