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PCAOB, SEC Redouble Efforts on Audit Quality

Tammy Whitehouse | July 7, 2015

On the long and winding road to giving investors more detail about who performs the audits they rely upon, regulators are exploring yet more new forks in the path.

The Public Company Accounting Oversight Board, now trying for the third time to write a rule for audit firms to follow, has proposed requiring firms to submit a new form that names the engagement partner and other participants from outside the principal audit firm who assisted on each audit engagement. At the same time, the Securities and Exchange Commission has issued a concept release exploring dozens of ideas to enhance audit committee disclosures—not the least of which is to require audit committees to give up the engagement partner’s name.

The PCAOB’s proposed Form AP—“Auditor Reporting of Certain Audit Participants”—would collect the name of the engagement partner and others who helped with the audit. It would be filed with the PCAOB within 30 days after the filing of an audit report with the... To get the full story, subscribe now.