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Update on the current board issues: April 2014

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Proposed changes to the auditor’s reporting model

The Public Company Accounting Oversight Board (PCAOB) has proposed standards and amendments setting out a new auditor’s reporting model and the auditor’s responsibility regarding other information. Earlier this month these were the focus of a two-day public meeting of the PCAOB in Washington, D.C. The meeting, which included directors, audit firms, investors, and other parties involved in the financial reporting process, focused on:

  • The proposed inclusion of critical audit matters in the auditor’s report;
  • The proposed changes to the auditors’ responsibility regarding “other information” outside the audited financial statements; and
  • International developments on the auditor’s report.

The proposed standards were released for comment August 2013. The comment period, which originally ended in December 2013, was reopened and now ends on May 2.

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