PCAOB adopts new standard on auditor communications with the audit committee
24 August 2012SEC Update
On August 15, the Public Company Accounting Oversight Board (PCAOB) adopted Auditing Standard No. 16, Communications with Audit Committees, specifying requirements that will govern a registered auditor’s communications with the audit committee of a public company. The new standard replaces and expands the PCAOB’s interim auditing standards AU sec. 310, Appointment of the Independent Auditor, and AU sec. 380, Communication With Audit Committees. The PCAOB issued Auditing Standard No. 16 to foster a more timely and relevant exchange of information between the auditor and the audit committee during the audit process on matters that may affect the integrity of the company’s financial statements.