Accounting & Auditing Update

The PCAOB has issued more guidance to auditors about how they should comply with requirements to add new information to audit reports.

A significant deficiency in internal control over financial reporting will not automatically constitute a critical audit matter that auditors will have to disclose under a new auditing standard, but it could suggest auditors will disclose a CAM related to the underlying accounting, said the Center for Audit Quality.

The PCAOB is putting auditors on notice to take a careful look at the work companies have done to implement the new revenue recognition standard.

Companies with any lingering worries about the impending effects of a new audit report have one last opportunity to appeal for change.

Audit committees now have some talking points on how to engage auditors and management on the audit profession's new Form AP filing requirement.

A fresh EY study of audit committee disclosures shows audit committees are still making new strides in increasing their voluntary disclosures in annual proxy statements. Tammy Whitehouse has more.

More than a decade after regulators began mulling how to give some transparency to investors around who actually performs public company audits, PCAOB Chairman James Doty said he is hopeful that the board is on track to “get this done by the end of the year.” Doty recently said the PCAOB received 45 comment letters on its proposal to require auditors to name engagement partners. Details inside.