Businesses, organizations, and individuals now have a little extra time to provide comments to the Public Company Accounting Oversight Board (PCAOB) on its reproposed standard that would require public accounting firms to disclose the name of the engagement partner, as well as information about certain other audit participants, in the auditor’s report.
The public comment period on the proposed amendments was supposed to expire today; however, the PCAOB last Thursday decided to extend the comment period until March 17.
According to the PCAOB, the disclosure requirement reproposal, which was approved by the board on December 4, 2013, would enhance investor protection by increasing transparency into and accountability for the preparation and issuance of the auditor's report.
Under the reproposed standard, the following information would be required in the auditor’s report:
- The name of the engagement partner who led the audit for the most recent period.
- The names, locations, and extent of participation (as a percentage of the total audit hours) of other public accounting firms that took part in the audit, and the locations and extent of participation of other persons (whether an individual or a company) not employed by the auditor who performed procedures on the audit.
Comments can be submitted via postal mail or e-mail. Written comments should be sent to the Office of the Secretary, PCAOB, 1666 K Street NW, Washington, DC 20006. E-mailed comments should be sent to firstname.lastname@example.org.
The PCAOB noted that all comments should refer to Rulemaking Docket Matter No. 029 in the subject or reference line. The PCAOB must receive all comments no later than 5 p.m. EDT on March 17. All comments will be made public.