PCAOB to Ask for Additional Comments on Lead Auditors Proposal
Before approving a rule to improve the lead auditor’s oversight of other accounting firms’ audit work, the Public Company Accounting Oversight Board (“PCAOB”) plans to ask for another round of comments. According to its recently updated standard-setting agenda released on July 6, the PCAOB needs to consider the issuance of a “supplemental request for comment” later this year. The board issued Release No. 2016-002, Proposed Amendments Relating to the Supervision of Audits Involving Other Auditors and Proposed Auditing Standard—Dividing Responsibility for the Audit With Another Accounting Firm, to help lead auditors with the supervision of the work other firms perform. Read More.