These contents of the auditor’s report have been the subject of significant activity by standard setters in recent months. The International Auditing and Assurance Standards Board last month proposed standards that would change international auditor reporting guidelines significantly and require more communication from auditors.
According to the PCAOB, Auditors’ reports in the United States have changed little since the 1940s. The PCAOB intends its proposal to enhance the usefulness of the auditor’s communication to those who rely on the auditor’s report.
The PCAOB has been working on these changes to the auditor’s report for three years and in June, 2011, issued a concept release to seek public comment on possible changes.
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