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PCAOB Audit Engagement Partner Disclosure Rule Approved

The Securities and Exchange Commission has approved the Public Company Accounting Oversight Board’s (“PCAOB”) rule requiring the disclosure of the engagement partner and other participating accounting firms in an audit in Release No. 34-77787, Public Company Accounting Oversight Board; Order Granting Approval of Proposed Rules to Require Disclosure of Certain Audit Participants on a New PCAOB Form and Related Amendments to Auditing Standards. Per the release, audit firms will have to disclose such information when filing the new PCAOB Form AP, “Auditor Reporting of Certain Audit Participants.” The lead audit firm must also make known the extent of other auditors. Read More.

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SEC Wants Feedback on PCAOB Rules for Disclosing Audit Participants

The Securities and Exchange Commission (“SEC”) has issued a Notice of Filing of Proposed Rules on Improving the Transparency of Audits: Rules to Require Disclosure of Certain Audit Participants on a New PCAOB Form and Related Amendments to Auditing Standards for public comment. Issuance of the notice is for receiving feedback on the Public Company Accounting Oversight Board’s (“PCAOB”) new rules to give investors more information regarding the participants of audits. The PCAOB’s new rules and amendments to auditing standards call for audit firms to identify the audit engagement partner and other audit firms involved in each audit. Under the. Read More.

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Final Rule Issued for the Disclosure of Engagement Partner in an Audit

Last month, the Public Company Accounting Oversight Board (“PCAOB”) unanimously approved the release of a final rule requiring the identification of the engagement partner and other accounting firms in an audit. Per the PCAOB decision, the disclosure must be made on the new “Auditor Reporting of Certain Audit Participants” form (Form AP). When listing the other participating firms, the lead audit firm must also disclose the scope of their work. The annual reporting requirement for identifying the engagement partner in an audit will be effective for reports issued on or after January 31, 2017. The disclosure of other accounting firms. Read More.

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