Keep up to date on the most recent audit-related developments
FlashlineFlashline - Week ending July 24, 2014
7/24/14 | Assurance services
This week's PwC update on financial reporting developments includes: Private company reporter: PCC makes progress on intangible assets... Global Tax Accounting Services Newsletter (April - July 2014)... SEC seeks comments on PCAOB's auditing standard on related parties... and more
FlashlineFlashline - Week ending July 17, 2014
7/17/14 | Assurance services
This week's PwC update on financial reporting developments includes: Point of view: Non-GAAP financial measures - Enhancing their usefulness... In depth: Private company VIE relief for certain common control leasing arrangements... FASB issues proposals to simplify inventory measurement and eliminate requirements for extraordinary items... and more
FlashlineFlashline - Week ending July 10, 2014
7/10/14 | Assurance services
This week's PwC update on financial reporting developments includes: In the loop: EU audit reform – the impact beyond Europe... Save the date: Revenue recognition industry webcasts... Save the date: ProxyPulse webcast — July 17... PwC comments on PCAOB's proposed framework to reorganize audit standards... and more
PwC comment letter (PCAOB)PwC comments on PCAOB's proposed framework to reorganize audit standards
7/8/14 | Assurance services
PwC believes the proposed framework will help users navigate PCAOB standards more easily, but suggests some enhancements.
In the loopIn the loop: EU audit reform — the impact beyond Europe
7/7/14 | Assurance services
Audit reform in Europe could affect US multinationals.
FlashlineFlashline - Week ending July 1, 2014
7/1/14 | Assurance services
This week's PwC update on financial reporting developments includes: In depth: FASB revises consolidation accounting... BoardroomDirect - June 2014... BoardroomDirect Special Edition (ProxyPulse, second edition 2014)... FASB meetings and project updates... and more
Corporate Governance SeriesBoardroomDirect: Update on current board issues - June 2014
7/1/14 | Center for Board Governance
This issue of BoardroomDirect® includes an article about the influence of activist shareholders and the role they play today in forcing change. There is also news about a Delaware bill that would prohibit fee-shifting bylaws, environmental groups warning boards of fossil fuel companies about climate-change litigation, the new converged revenue recognition standard, and the first round of conflict minerals disclosures.
FlashlineFlashline - Week ending June 26, 2014
6/26/14 | Assurance services
This week's PwC update on financial reporting developments includes: Participate in the PwC/FEI revenue recognition survey... New entertainment and media industry supplement to In depth on final revenue recognition standard... The quarter close – Directors edition... Family Business Corporate Governance Series... and more
Corporate Governance SeriesThe Quarter close: Directors edition Q2 2014
6/26/14 | Center for Board Governance
The Q2 2014 edition focuses on five IPO reminders for boards, FASB's new guidance on discontinued operations, and the Venezuelan exchange rates.
FlashlineFlashline - Week ending June 19, 2014
6/19/14 | Assurance services
This week's PwC update on financial reporting developments includes:The quarter close — Second quarter 2014... Revenue recognition standard – New industry-specific supplements and upcoming webcasts... FASB amends accounting for repurchase agreements and enhances disclosures... FAF President discusses comparability of FASB and GASB standards... and more
Regulatory and standard-setting developmentsRegulatory and standard-setting developments - June 2014
6/19/14 | Assurance services
PwC's summary of recent activities of the PCAOB, SEC, and FASB, and related international developments that are of interest to audit committees and companies.
PwC comment letter (ASB)PwC comments on clarified subject-matter specific attestation standards
6/5/14 | Assurance services
PwC supports the clarification and recodification of the attestation standards but identifies possible improvements.
- Deeper insights for greater strategic value: Oracle Advanced Controls (GRC) Study
6/2/14 | Risk Assurance
GRC Technology has become an increasingly critical factor for driving value (i.e., recovering profitability, increasing efficiency, detecting fraud, etc.) and automating manual compliance and risk management activity in the enterprise. Organizations have increased their adoption of Oracle Advanced Control (“AC”) to improve the oversight of corporate governance, including financial reporting compliance, enterprise risk management (ERM), and related audits. To better understand organizations’ awareness and how organizations are using (or considering using) Advanced Controls technology to drive value in an enterprise, PwC conducted an Oracle Advanced Controls study.
Corporate Governance SeriesBoardroomDirect: Update on current board issues - May 2014
5/30/14 | Center for Board Governance
This issue of BoardroomDirect® includes an article about the meaning of risk appetite and the role the board and management play. There is also news about a Delaware court decision on fee-shifting bylaws, the new Venezuelan foreign currency exchange regime and an update on the 2014 shareholder proposals, the proposals for Audit Quality Indicators and the conflict minerals disclosure rule.
- Evaluating environmental liabilities and their impacts on future earnings (Observations from the front lines)
5/12/14 | US Capital Markets and Accounting Advisory Services
Unexpected expenditures and accounting adjustments – like those arising from environmental obligations – can dramatically impact capital budgeting and future earnings. Companies have found that practices vary widely across sectors and both engineering and accounting expertise are critical in assessing environmental obligations.
WebcastQ2 Current Accounting and Reporting Developments Webcast - replay and on-demand (CPE-eligible) versions available
Did you miss the Q2 2014 "Current Accounting & Reporting Developments" webcast on June 18? If so, you still have an opportunity to view the webcast and earn CPE credit! PwC is offering the Q2 2014b webcast in an on-demand format for your convenience.
PwC comment letter (ASB)PwC comments on proposed amendments to ASB's comfort letter standard
4/16/14 | Assurance services
PwC supports the objectives of the proposed SAS to avoid unintended changes to previous practice and to enhance clarity.
Point of viewPoint of view: Financial statement disclosures - Enhancing their clarity and understandability
4/11/14 | Assurance services
Preparers and others have a role in making sure footnote disclosures are clear and understandable.
- 2014 State of the Internal Audit Profession Study
4/2/14 | Risk Assurance
Our annual State of the Internal Audit Profession, which includes responses from more than 1,900 chief audit executives (CAEs), internal audit managers, members of senior management, and board members, representing 24 industries and 37 countries, provided substantial insight into how internal audit is performing and the steps individual functions are taking to increase their contribution to their respective organizations.
Corporate Governance SeriesThe Quarter close: Directors edition Q1 2014
3/27/14 | Center for Board Governance
This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues.
Webcast2014 State of the Internal Audit Profession Study: The stakeholder perspective webcast – April 1, 2014
Join us for an in-depth look at the latest trends and themes presented in our 2014 State of the Internal Audit Profession Study. The findings have expanded significantly upon last year's focus on the alignment of expectations for the function and include: Understanding stakeholder perceptions related to the value of Internal Audit; Further enhancing alignment of Internal Audit's mandate or core responsibilities; Improving performance of Internal Audit through alignment of expectations; and more.
VideoCOSO 2013 - ICFR Transition
3/18/14 | Assurance services
Highlights how clients can effectively leverage PwC's four-phased approach to transition to the COSO 2013 Framework and utilize the Phase 2 mapping template.
Quarter closeThe quarter close — First quarter 2014: Publication and new video perspectives
3/17/14 | Assurance services
This edition updates you on recent FASB, SEC and other regulatory and corporate governance topics. Learn what's new now, and what to look for in the near future. We invite you to download our Q1 publication and view our new video perspectives.
Regulatory and standard-setting developmentsRegulatory and standard-setting developments -- March 14, 2014
3/14/14 | Assurance services
This document provides a summary of activities of the PCAOB, SEC, and FASB, and related international developments that are of interest to audit committees and companies.
- Empowering business agility: Strengthening Internal Audit’s impact and value
2/4/14 | Power & utilities
Findings from the eighth annual survey of power and utilities chief audit executives.
PwC comment letter (PCAOB)PwC comments on PCAOB's reproposal to disclose name of engagement partner and certain other participants in the audit
2/4/14 | Assurance services
PwC supports transparency about the engagement partner and audit participants through means other than the audit report
- The Internal Audit Analytics Conundrum—Finding your path through data
1/21/14 | Risk Assurance
Business development during recent decades has involved extensive use of technology designed to drive business competitiveness and expand new business horizons. Integrating data analytics into your Internal Audit approach can help you achieve your audit objectives in a more reliable and cost-effective way. This white paper highlights what Internal Audit can be doing to help utilize analytics across their audit plan.
Setting the standardSetting the standard - January 2014
1/9/14 | Assurance services
Welcome to the latest edition of "Setting the standard." It includes the latest updates on the standard-setting activities of the FASB and IASB. Learn more inside.
Corporate Governance SeriesThe quarter close - Directors edition: A look at this quarter's financial reporting issues - Q4 2013
12/23/13 | Center for Board Governance
This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues that impact board decisions and company policies.
Corporate Governance SeriesKey considerations for board and audit committee members, 2013-2014 version
12/19/13 | Center for Board Governance
This report addresses the changing boardroom agenda and outlines topics that can provide a basis to help enhance the quality of board and management discussions in the coming year.
WebcastAligning your GRC solution with the revised COSO Internal Control-Integrated Framework webcast - January 28, 2014
PwC's Risk Assurance Group invites you to attend this webcast to learn how to improve the alignment of your GRC Solution to the updated COSO Internal Control Framework.
Regulatory and standard-setting developmentsRegulatory and standard setting developments - December 18, 2013
12/18/13 | Assurance services
This document provides a summary of activities of the PCAOB, SEC, and FASB, and related international developments that are of interest to audit committees and companies.
DatalineDataline: Highlights of the 2013 AICPA National Conference on Current SEC and PCAOB Developments (No. 2013-27)
SEC, PCAOB and FASB speakers were among the headliners at the 2013 AICPA Conference. Key themes included quality and transparency for financial reporting and audits.
PwC comment letter (PCAOB)PwC comments on PCAOB's proposed auditor reporting and other information standards
12/12/13 | Assurance services
PwC supports changes to the audit report and auditor's responsibilities for other information that are responsive to user feedback yet maintain or improve audit quality.
In briefIn brief: PCAOB reproposes amendments to disclose name of engagement partner and certain other participants in audits (No. 2013-49)
12/9/13 | Assurance services
The PCAOB reproposal would require disclosure in the auditor's report of the name of the engagement partner and information about certain other participants in the audit.
DatalineDataline: Evaluating errors in previously-issued financial statements — Applying the "dual method" (No. 2013-22)
11/21/13 | Assurance services
This Dataline outlines the framework (whether a restatement, revision, or out of period adjustment) for evaluating errors in previously-issued financial statements.
PwC comment letter (ASB)PwC comments on the ASB's attestation clarification and recodification proposal
11/4/13 | Assurance services
PwC supports the enhanced guidance in the clarity redraft, but identifies possible improvements.
PwC comment letter (AICPA)PwC comments on ASEC's proposed Trust Services Principles (TSP) and Criteria exposure draft
10/8/13 | Assurance services
While overall we agree with ASEC’s proposed restructuring and revised TSP and Criteria exposure draft, within our response we specifically highlighted and provided examples where some criteria could be further enhanced.
Corporate Governance SeriesBoardroomDirect Special Edition: ProxyPulse - October 2013
10/7/13 | Center for Board Governance
This issue of BoardroomDirect® is a Special Edition that links to the third edition of ProxyPulse, a collaboration between Broadridge Financial Solutions and PwC's Center for Board Governance.
- Auditor reporting: An overview of global developments
10/3/13 | Assurance services
There is plenty of evidence that investors value the auditor’s opinion on the financial statements. They don’t want to lose it. But in the wake of the financial crises, investors and other stakeholders began to call for auditor’s reports to be more informative. Auditors have unique and relevant insight based on their audits and investors and other stakeholders are asking auditors to share some of that insight.
Corporate Governance SeriesThe quarter close - Directors edition: A look at this quarter's financial reporting issues - Q3 2013
10/3/13 | Center for Board Governance
The Q3 2013 edition focuses on accounting and reporting issues for private companies that could impact public companies, statement of cash flows, entities under common control, contingencies, new vice-chairman at the FASB, PCAOB proposal on improving auditor reporting, and international developments on auditor rotation and retendering.
In briefIn brief: SEC proposes rule requiring disclosure of CEO-to-employee pay ratio (No. 2013-42)
9/19/13 | Assurance services
On September 18, 2013, the SEC voted 3 to 2 to propose a rule that would require public companies to calculate and disclose its CEO compensation as a multiple of the median employee’s pay. This In brief article provides an overview of the key provisions of the proposed rule.
Corporate Governance SeriesPwC's 2013 Annual Corporate Directors Survey
9/19/13 | Center for Board Governance
The focus of this year’s research not only reflects in-depth analysis of contemporary governance trends, but also emphasizes how boards are reacting to a rapidly evolving landscape.
Regulatory and standard-setting developmentsRegulatory and standard-setting developments -- September 19, 2013
9/19/13 | Assurance services
This document provides a high-level summary of activities of the FASB, PCAOB, SEC and related international developments.
PwC comment letter (FASB)PwC comments on the FASB's proposed ASU: Disclosures of Uncertainties about an Entity's Going Concern Presumption
9/18/13 | Assurance services
PwC supports the board's efforts to add guidance to US GAAP to provide consistency in determining when and how management should assess going concern uncertainties.
VideoInternal control: COSO update
9/17/13 | Assurance services
PwC's Stephen Soske, Chuck Harris and Kassie Bauman discuss how companies should address the new COSO framework in their internal control processes.
In briefIn brief: PCAOB proposes new auditing standard on other information (No. 2013-41)
8/16/13 | Assurance services
The proposal would require the auditor to perform additional procedures with respect to other information, and to communicate certain information in the auditor’s report.
In briefIn brief: PCAOB proposes significant changes to the auditor's report (No. 2013-40)
8/16/13 | Assurance services
The PCAOB proposal would require the auditor to disclose additional information in the auditor’s report, including critical audit matters specific to the audit.
PwC comment letterPwC comment letter on the IIRC consultation draft of the international integrated reporting framework
7/23/13 | Global accounting consulting services
The PwC network of member firms submitted a comment letter supporting the IIRC’s consultation draft of the international integrated reporting framework.
PwC comment letter (ASB)PwC comments on Auditing Standards Board's proposed auditing standard, "Using the Work of Internal Auditors"
7/16/13 | Assurance services
PwC supports the proposed auditing standard and offers certain suggestions for the Auditing Standards Board to consider as they finalize the standard.
PwC comment letter (PCAOB)PwC comments on PCAOB's reproposed related parties auditing standard and related amendments to PCAOB auditing standards
7/8/13 | Assurance services
PwC believes the reproposal will improve the auditor's performance in auditing related parties, significant unusual transactions, and transactions with executive officers.
EITF observerEITF observer: A meeting synopsis - June 2013
6/14/13 | Assurance services
The EITF met on June 11, 2013 to discuss six issues. PwC's EITF observer provides you an insightful summary of decisions reached and the changes affecting US GAAP.
PwC comment letter (PCAOB)PwC Comments on PCAOB's Proposed Framework for Reorganizing PCAOB Auditing Standards
5/24/13 | Assurance services
PwC believes the PCAOB's proposed framework will help users navigate the board's standards more easily but suggests certain enhancements.
10Minutes10Minutes on why the COSO Update deserves your attention
5/14/13 | Risk Assurance
COSO has published a PwC-authored update to its framework, the first in over 20 years, which gives you an opportunity to refresh your controls for today's environment.
DatalineDataline: COSO issues the updated Internal Control-Integrated Framework and related illustrative documents (No. 2013-09)
5/14/13 | Assurance services
On May 14, 2013, COSO published an updated Internal Control-Integrated Framework and related illustrative documents. This Dataline highlights noteworthy updates to the Framework, summarizes the purpose of the illustrative documents, and highlights key considerations for clients.
- The audit (Insights from the Investment Community)
4/15/13 | PwC Investor Resource Institute
Accurate and reliable financial statements are essential to the effective functioning of the capital markets. To that end, auditors play an important role by executing independent and objective audits of the financial statements that are prepared by management.
PwC comment letter (IASB)PwC Comments on Tentative agenda decision: IAS 10 Events after the reporting period—Reissuing previously issued financial statements
3/19/13 | Global accounting consulting services
Following consultation with members of the PwC network of firms, this response summarizes the views of member firms who commented on the tentative agenda decision, published in the January 2013 edition of IFRIC Update.
EITF observerEITF observer: A meeting synopsis - March 2013
3/18/13 | Assurance services
At the EITF's March 14 meeting, the Task Force discussed four Issues, reaching a final consensus on two issues (12-B and 12-G) and consensus-for-exposure on one Issue (13-B). Further discussion is expected on one issue (12-F). This edition of EITF observer provides a synopsis of the meeting.
- Demystifying the audit
2/20/13 | PwC Investor Resource Institute
This Insights for the Investment Community explains what the auditor does, what the auditor does not do, and how to better understand the audit opinion.
PwC comment letter (AICPA)PwC Comments on Proposed AICPA Financial Reporting Framework for Small- and Medium-Sized Entities
1/29/13 | Assurance services
PwC fully supports efforts to enhance financial reporting for private companies, and believes that the most appropriate way to achieve meaningful change for private company stakeholders is through the collaborative efforts of the recently established Private Company Council (PCC) and the FASB. However, should the AICPA decide to issue this new non-GAAP framework, our comment letter provides observations and recommendations on changes the AIPCA should make to minimize confusion and enhance clarity. ...
EITF observerEITF observer: A meeting synopsis - January 2013
1/21/13 | Assurance services
At the EITF's January 17 meeting, the Task Force discussed seven Issues, reaching a final consensus on two issues (11-A and 12-D) and consensus-for-exposure on two Issues (13-A and 13-C). Further discussion is expected on three issues (12-B, 12-F and 12-H). This edition of EITF observer provides a synopsis of the meeting.
Point of viewPoint of view: Assessing going concern -- Stakeholders would benefit from clarity in U.S. disclosure requirements
12/17/12 | Assurance services
During the recent economic downturn, some stakeholders were surprised to learn that companies faced liquidity issues. As a result, the FASB and PCAOB are currently revisiting the accounting and auditing guidance around going concern assessments. Our Point of view on assessing going concern highlights that a standard that will require a company to provide earlier and more frequent, scalable disclosures that increase if conditions deteriorate will benefit stakeholders. However, we recognize that the auditor's role under the existing auditing standards is important to stakeholders. We believe improvements in the reporting model will be achieved most effectively by accounting and auditing standard setters working together to develop complementary standards.
PwC comment letter (AICPA)PwC Comments on Omnibus Proposal of the AICPA Professional Ethics Division - September 19, 2012
12/11/12 | Assurance services
PwC supports the PEEC's stated objective of clarifying the circumstances under which the AICPA Code of Professional Conduct applies to services provided by its members. PwC recommends that prior to adopting its proposal, the PEEC should further consider three things: (1) whether the PEEC's proposed revision to the definition of professional services will have the unintended effect of sweeping in services that have no connection with or relationship to the practice of accountancy; ...
DatalineDataline: 2012 year-end accounting and reporting considerations - Leading practices and lessons learned on key topics (No. 2012-20)
12/3/12 | Assurance services
This year end, entities continue to face many complex financial reporting issues such as providing new fair value disclosures, accounting for debt modifications, and evaluating revenue recognition guidance. Economic challenges around the world continue to have broad financial reporting implications. While not an all-inclusive list, this Dataline is intended to serve as a timely reminder of leading practices and lessons learned on key issues that companies should consider as they navigate the year-end financial reporting process.
DatalineDataline: COSO's proposed Internal Control Compendium, updated Framework, and Illustrative Tools (No. 2012-18)
11/27/12 | Assurance services
On December 19, 2011, COSO issued an exposure draft of the proposed Internal Control-Integrated Framework (the updated Framework) for public comments that ended on March 31, 2012. This Dataline highlights the more noteworthy changes to the updated Framework, including requirements set out for effective internal control. It also summarizes the purpose of the companion documents to the updated Framework and highlights key considerations for companies, including transition to the updated Framework.
DatalineDataline: Disclosures about liquidity risk and interest rate risk -- A closer look at the proposed standard (No. 2012-12)
9/18/12 | Assurance services
In June 2012, the FASB issued a proposal that would require companies to provide new disclosures about liquidity and interest rate risks. The proposal calls for quantitative exhibits and qualitative disclosures about risks arising from an entity's recorded and unrecorded financial instruments and cash flow obligations. Additionally, it provides separate disclosure requirements for any entity or segment defined as a "financial institution." This Dataline looks at the proposed disclosures and offers our observations.
DatalineDataline: Leases -- One size does not fit all: A summary of the boards' redeliberations (No. 2012-11)
9/17/12 | Assurance services
The FASB and IASB jointly issued the initial leases exposure draft in August 2010 (the "initial ED"). A majority of the over 800 comment letters received raised significant concerns about the proposals. Redeliberations began in January 2011 and were substantially completed in July 2012. A "revised ED" is planned for the end of November 2012 (although this may slip into early 2013), with a 120-day comment period. This Dataline looks at both the lessee and lessor proposed accounting models that will be included in the revised ED.
EITF observerEITF observer: A meeting synopsis - September 2012
9/13/12 | Assurance services
At the EITF's September 11 meeting, the Task Force discussed five Issues, reaching a final consensus on three issues (12-A, 12-C and 12-E) and consensus-for-exposure on two Issues (11-A and 12-G). This edition of EITF observer provides a synopsis of the meeting.
PwC comment letter (PCAOB)PwC Comments on Proposed Auditing Standard on Related Parties and Related Amendments to PCAOB Auditing Standards
5/31/12 | Assurance services
PwC generally supports the proposals and believes they will heighten the auditor's focus on the potential for material misstatement, particularly material misstatement due to fraud, arising from relationships and transactions with related parties, significant unusual transactions, and financial relationships and transactions with executive officers.
Point of viewPoint of view: Mandatory audit firm rotation: Why other changes would be better for investors
5/24/12 | Assurance services
Objectivity, independence, and professional skepticism are fundamental to audit quality. Mandatory audit firm rotation would not enhance audit quality.
Point of viewPCAOB Proposed Auditor Reporting Model Changes: Evaluating auditor assurance on information outside of the financial statements
5/9/12 | Assurance services
PwC examines, and shares our views on, the PCAOB's concept release on the auditor's reporting model including auditor assurance on information outside of the financial statements.
Point of viewPoint of view: PCAOB Proposed Auditor Reporting Model Changes: Evaluating expanded use of emphasis paragraphs
5/8/12 | Assurance services
PwC examines, and shares our views on, the PCAOB's concept release on the auditor's reporting model including the expanded use of emphasis paragraphs
PwC comment letter (PCAOB)PwC Comments on Proposed Amendments to Conform the PCAOB's Rules and Forms to the Dodd-Frank Act and Make Certain Updates and Clarifications
5/8/12 | Assurance services
PwC believes that the audits of brokers and dealers should be conducted in accordance with PCAOB auditing and attestation standards once the SEC adopts Rule 17a-5 and, therefore, supports the changes to the Board's rules to reflect its pending jurisdiction over the auditors of brokers and dealers.
PwC comment letter (PCAOB)PwC Comments on Proposed Auditing Standard Related to Communications With Audit Committees; Related Amendments to PCAOB Standards; and Transitional Amendments to AU Sec. 380
2/29/12 | Assurance services
PwC commends the Board for issuing a re-proposal of the proposed standard and appreciate the Board's responsiveness in considering, addressing and providing feedback with respect to comments received on the original proposal. In the letter, PwC respectfully offers some suggestions that it believes will further improve the proposal.
PwC comment letter (SEC)PwC Comments on the SEC's Revisions to Auditor Independence Requirements
1/31/12 | Assurance services
PwC provides its perspective on the rules to be reviewed in accordance with the requirements of the Regulatory Flexibility Act. PwC's comments are focused on auditor independence requirements approved by the SEC in November 2000, highlighting areas where the firm believes those rules may have a detrimental impact on small companies, investors and the U.S. capital markets.
DatalineDataline: Highlights of the 2011 AICPA National Conference on Current SEC and PCAOB Developments (No. 2011-37)
12/15/11 | Assurance services
The 2011 AICPA National Conference on Current SEC and PCAOB Developments was held on December 5, 6, and 7, 2011. Similar to prior years, the Conference hosted representatives from regulators and standard setters, along with auditors, users, preparers, and industry experts who expressed views on a wide range of important accounting, auditing, and financial reporting topics. We provide you highlights of the topics discussed at the Conference in this Dataline.
PwC comment letter (IFAC)PwC Comments on IAASB Consultation Paper: Enhancing the Value of Auditor Reporting: Exploring Options for Change
10/26/11 | Global accounting consulting services
PwC global network of firms believes that the time is right to significantly enhance auditor reporting. Valuable enhancements can be made now that move us some way to achieving the goal of more informative and valuable auditor reporting. As solutions are developed, it is critical that there be active, continuous and open dialogue amongst auditing standard setters, regulators, users and other stakeholders. PwC global network urges the IAASB to work in collaboration with the PCAOB in relation to their respective consultation papers to develop solutions that work globally.
PwC comment letter (IFAC)PwC Comments on Proposed ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information
9/15/11 | Global accounting consulting services
PwC global network of firms believes that the proposed standard provides a strong basis for the performance of all assurance engagements and will facilitate consistent high quality engagements, capable of being supplemented by clearly tailored topic-specific ISAEs as required, in response to the needs of users. PwC global network also believes that the revisions to the requirements and application material to better articulate the defining characteristics of a limited assurance engagement, together with the principles and differences between attestation and direct engagements, are useful.