PCAOB Proposed Auditor Reporting Model Changes: Evaluating expanded use of emphasis paragraphs

May 2012
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Point of view: PCAOB Proposed Auditor Reporting Model Changes: Evaluating expanded use of emphasis paragraphs

At a glance

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

Highlights

  • Investors value the current auditor's report but want more insight from auditors.
  • The time is right to consider changes that will enhance the relevancy and transparency of the audit report.
  • Expanded use of emphasis paragraphs will guide investors in navigating disclosures and identifying management's most significant judgments and estimates.
  • The greater forcus on these disclosures also will reinforce the roles that audit committees, management, and auditors have in attaining high-quality financial reporting.