Pcaob

In: Business and Management

Submitted By maymmmm
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Audit Report * The auditor's report is the primary means by which the auditor communicates to investors and other users of audited financial statements regarding its opinion on those statements. * discussed its standard-setting initiative on the auditor's reporting model, and outlined plans to conduct outreach to identify additional investor and user needs to present to the Board * The auditor is in a unique position to provide relevant and useful information, because of the auditor's extensive knowledge of the company and as an independent third-party * several alternatives for changing the auditor's reporting model and is seeking specific comment on these or other alternatives that could provide investors with more transparency in the audit process and more insight into the company's financial statements or other information outside the financial statements. These alternatives include: * An auditor's discussion and analysis; * Required and expanded use of emphasis paragraphs; * Auditor assurance on other information outside the financial statements; and, * Clarification of language in the standard auditor's report.
Partner’s Information Disclosed * the Board did not include in this proposal a requirement to sign the engagement partner's name on the audit report. Instead, the proposal would require that the engagement partner's name be disclosed in the audit report, which would make the engagement partner's name readily available to the users of the audit report while mitigating concerns about minimizing the firm's role in the audit. * The proposed disclosure would enable investors to evaluate the other participants in the audit in the same manner that they evaluate the auditor. For example, knowing the name of a disclosed accounting firm that took part in the audit would enable investors to determine whether the firm is…...

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