Tuesday, June 21, 2011

PCAOB Concept Release Issued Today Calls For 'AD&A,' Assurance On Additional Info, More

Earlier today, the PCAOB voted to issue a Concept Release on the Auditor's Reporting Model. As noted in the PCAOB's press release:

Auditor's Discussion & Analysis
Joining the ranks of the 'MD&A' (management's discussion and analysis) and 'CD&A' (compensation discussion and analysis) required of management by the SEC, would be an 'AD&A' (auditor's discussion and analysis), as set forth in the PCAOB's Concept Release.

Assurance On Other Information; Clarification of Language
Other ideas included in the Concept Release address required and expanded use of emphasis paragraphs; auditor assurance on other information outside the financial statements, and
clarification of language in the standard auditor's report.

Public Comment Sought via Comment Period, Roundtable
The public comment period on the Concept Release closes on September 30.

The PCAOB also announced today they will hold a public Roundtable in the third quarter, 2011 to obtain additional feedback on the Concept Release.

Further information is available in the PCAOB's Fact Sheet; the archived webcast of today's PCAOB board meeting will be posted by the PCAOB within 24 hours. See also related items for this Concept Release in the PCAOB's Rulemaking Docket No. 034.

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