PCAOB Re-proposes Changes to Auditor’s Report

On May 11, the Public Company Accounting Oversight Board (PCAOB) issued The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, which would impose significant changes to the auditor’s reporting model.

The latest proposal would retain the pass/fail model in the existing auditor's report. However, it would also require information on the communication of critical audit matters as determined by the auditor and the addition of new elements to the auditor's report related to auditor independence and auditor tenure.

(Contact: Chris Drula at cdrula@nareit.com)

 

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