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PCAOB to Take Next Step on Plan to Increase Audit Transparency

Tammy Whitehouse | August 27, 2013

Audit regulators are planning to move forward on a proposal to bring more transparency to audits by requiring audit firms to identify the engagement partners and other key players in the audit.

The Public Company Accounting Standards Board says it will take action on the proposal by the end of the year, although it has not indicated if it will finalize the current proposal or issue a new one. What is clear, however, is that the plan is controversial, and audit firms and others are lining up in opposition of the measure, which they say has several unintended negative consequences.

The PCAOB proposed an auditing standard nearly two years ago that would require registered audit firms to disclose the name of the engagement partner in each audit report, plus the names of any independent accounting firms or other individuals who took part in the audit. Audit firms would also be required to disclose in their Form 2 filing with the PCAOB the name of the engagement partner for...

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