Comments by the Auditing Standards Committee of the Auditing Section of the American Accounting Association on the PCAOB Rulemaking Docket Matter No. 34: PCAOB Release No. 2011-003, Concept Release on Possible Revisions to PCAOB Standards Related to Reports on Audited Financial Statements.

Joseph F. Brazel · Paul Caster · Shawn M. Davis · Steven M. Glover · Diane Joyce Janvrin · Thomas M. Kozloski +1 more

35 citations0/0 files storedCurrent Issues in Auditing

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Accounting and Financial Management

Abstract

SUMMARY Recently, the Public Company Accounting Oversight Board (PCAOB or Board) issued a concept release to solicit public comment on the potential direction of a proposed standard-setting project on the content and form of reports on audited financial statements. The objective of the concept release was to discuss several alternatives for changing the auditor's reporting model that could increase its transparency and relevance to financial statement users, while not compromising audit quality. To that end, the alternatives included (1) a supplement to the auditor's report, in which the auditor would be required to provide additional information about the audit and the company's financial statements (an “Auditor's Discussion and Analysis”), (2) required and expanded use of emphasis paragraphs in the auditor's report, (3) auditor reporting on information outside the financial statements, and (4) clarification of certain language in the auditor's report. The PCAOB provided for a 102-day exposure period (from June 21 to September 30, 2011) for interested parties to examine and provide comments on the conceptual approaches to rulemaking that might complement the application of Section 105(c)(6). The Auditing Standards Committee of the Auditing Section of the American Accounting Association provided the comments in the letter below to the PCAOB on the PCAOB Release No. 2011-003, Concept Release on Possible Revisions to PCAOB Standards Related to Reports on Audited Financial Statements. Data Availability: Information about and access to the release is available at: http://pcaobus.org/Rules/Rulemaking/Docket034/Concept_Release.pdf

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2003Limited attention, information disclosure, and financial reporting 2019Consideration of Fraud in a Financial Statement Audit 2009Using Nonfinancial Measures to Assess Fraud Risk 1999Auditing and Assurance Services : A Systematic Approach 2012Extreme Estimation Uncertainty in Fair Value Estimates: Implications for Audit Assurance 2008The Auditor's Reporting Model: A Literature Overview and Research Synthesis 2006The Perils of Pensions: Does Pension Accounting Lead Investors and Analysts Astray?2010Does it add up? Early evidence on the data quality of XBRL filings to the SEC

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