The Public Company Accounting Oversight Board is seeking comment on proposed changes that may require auditors of U.S.-registered firms to explain their findings rather than simply saying whether rules were followed.
The PCAOB, the Washington-based watchdog for firms that review companies' books, issued a statement today on “possible enhancements” of the model for the auditor's report, which it called a primary means for communicating with investors.
“The auditor is in a unique position to provide relevant and useful information,” Martin F. Baumann, the PCAOB's chief auditor and director of professional standards, said in the statement. “The concept release explores ways to expand the auditor's communication” about a report and a company's financial statements.
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