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PCAOB Update

The Public Company Accounting Oversight Board has received over 140 comment letters; as of the September 30 comment deadline, on its Concept Release on the Auditor’s Reporting Model.
 
If the ideas in the Concept Release move forward to proposed and final rulemaking, they could mark significant changes in the language of the auditor’s report – and, in turn, in the way that audits are conducted.
 
(Although directed at public company audits, any resultant changes in PCAOB audit standards could also indirectly impact private company audits, to the extent audit firms that service both types of clients move to incorporate one set of standard practices in their audits (and to the extent there is harmony with AICPA requirements for audits of nonpublic companies).
 
In addition to the comment letter process, the PCAOB also invited feedback on the Concept Release at a September 15 roundtable; an unofficial transcript of the roundtable was recently posted.
 
FEI Views on Auditor’s Reporting Model
In a comment letter filed last week, FEI’s Committee on Corporate Reporting provided its views on the PCAOB’s Concept Release on the Auditor’s Reporting Model. Read more in the FEI CCR letter.
 
Read about more PCAOB rulemaking and other activity here.