Saturday, May 29, 2010

FEI CCR Responds To PCAOB Proposal On Audit Committees

Yesterday, FEI's Committee on Corporate Reporting filed a comment letter in response to the Public Company Accounting Oversight Board's Release No. 2010-001, “Proposed Auditing Standard Related to Communications with Audit Committees and Related Amendments to Certain PCAOB Auditing Standards.”

As noted in this FEI summary by Lorraine Malonza, Senior Manager, Technical Accounting, FEI:

"The CCR letter supports the PCAOB Board’s efforts to comprehensively update the interim auditing standards in regard to communications with audit committees, which is consistent with the Sarbanes-Oxley Act of 2002.

"However, CCR is concerned by and does not support some of the additional communication requirements proposed by the PCAOB Board, especially those related to accounting policies, practices and estimates."

Read the FEI CCR comment letter for more details.

May 28 was the comment deadline on the PCAOB proposal; comment letters on the audit committee proposal posted on the PCAOB website so far (i.e. as of May 28, all dated prior to May 28) can be found here, check back again for more comment letters to be posted.

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