Will Auditors Be Required To Report "Close Calls"?
Will auditors of public companies be required to report "difficult" or "contentious" issues, and "close calls," including material matters that were corrected or resolved to the auditor's satisfaction before the end of the reporting period? The auditor could be required to do just that, and more, if ideas put forth in the PCAOB's Concept Release on the Auditor's Reporting Model, published earlier this year, were to advance to proposed and final rulemaking.
Earlier today, the PCAOB announced it will hold a public roundtable on September 15 to gather additional feedback on the Concept Release on the Auditor's Reporting Model, in addition to the feedback it receives through comment letters (comment deadline: September 30). See also the PCAOB's Briefing Paper for the Roundtable.
Read more about the PCAOB's proposals for potentially requiring auditors to report on "c lose calls," "difficult," and "contentious" issues here.