The Public Company Accounting Oversight Board (PCAOB) is considering a vote to require firm partners in charge of audits to include the names of the partners involved in the engagement as well as the names, locations and extent of participation of any other firms involved in final audit reports. Currently, audit reports only include the name of the firm that conducted the audit.
According to the PCAOB Website, “The rules under consideration would require disclosure of the name of the audit engagement partner on a new PCAOB form, Auditor Reporting of Certain Audit Participants, or Form AP. Firms would also be required to use Form AP to disclose information about other accounting firms participating in an audit, including the names of the firms and the extent of their participation.”
An open meeting for today, December 15th at 10 a.m. EST, has been scheduled in order to allow a vote on the new requirement. A Webcast link of the meeting will be available in the PCAOB’s archive on Wednesday, December 16th.
It will go into effect for reports issued on or after June 30th, 2017.