The Public Company Accounting Oversight Board (PCAOB) adopted a final standard that requires auditors to include significantly more information in their auditor’s reports. The standard requires the auditor to include in the report a discussion of critical audit matters for audits of large accelerated filers beginning in 2019 and all other filers in 2020. The standard also requires auditors to add information about auditor tenure, clarify the language about the auditor’s responsibilities and change the organization and format of reports are effective for periods ending on or after 15 December 2017. The standard is subject approval by the SEC, and interested parties will have an opportunity to provide comments.
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