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January 27, 2023

BDO Forgot to Ask Investors What They Thought About the PCAOB’s Proposed Auditor Report Changes

They managed to round up a lot of their (and their competitors') clients though!

According to a new study by BDO USA, LLP, one of the nation’s leading accounting and consulting organizations, less than one-third (27%) of public company board members believe the Public Company Accounting Oversight Board's (PCAOB) proposed changes to the annual auditor's report will actually improve the usefulness of the report. Conversely, almost half (45%) of the directors say the changes will not improve the auditor's report, while more than a quarter (28%) aren't sure. […] "Clearly, corporate board members aren't sold on the usefulness of the PCAOB's proposal to require external auditors to include much more detailed information in the annual auditor's report that accompanies a business's financial statements. However, when you make changes to something that has been done the same way for more than 70 years, there is bound to be some pushback," said Lee Graul, a Partner in the Corporate Governance Practice of BDO USA.

In other news, the Washington Redskins managed to not lose in their bye week, in all material respects.

[BDO]

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