Auditor Will Be Required To Communicate “Critical Audit Matters” Arising From the Audit
On October 23, 2017, the Securities and Exchange Commission (SEC) unanimously approved a proposal of the Public Company Accounting Oversight Board (PCAOB) to adopt AS 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, and make conforming amendments to other PCAOB standards. The PCAOB initially issued the proposed rules in 2013, reproposed them in 2016 and adopted them in final form on June 1, 2017, subject to SEC approval.
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