Please ensure Javascript is enabled for purposes of website accessibility

PCAOB Staff Guidance on Changes to Auditor’s Report

There’s only ten days until the new audit report debuts, so the PCAOB Staff Guidance is likely required reading for professional opiners and CPA exam candidates alike.

The explanation for reporting of auditor tenure takes two pages and the guidance even allows for a little freestyle:

AS 3101 does not specify a required location within the auditor’s report for the statement on auditor tenure. The example auditor’s report (on page 2) includes the statement on auditor tenure at the end of the report; however, auditors have discretion to present auditor tenure in the part of the auditor’s report they consider appropriate
I’m hoping a firm opts to disclose their tenure at the very top of their reports in 25-point Wingdings.

Elsewhere: You can report Critical Audit Matters early if you feel so inclined. There’s an annotated version of the report on page 2 for easy reading.

I’m sure the sharpest of auditors out there will have more to say about the finer points. Enjoy.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

Advice: Leave Big 4 then come back?

Ready to get berated for this, but I want some constructive criticism. I graduated with a degree in finance and accounting, interned in audit with Big 4, and received an offer. The offer would start this August, and I’ve already taken 2 sections of the CPA exam. However, I’ve always considered pursuing medicine and I […]

Advice: Stay mid-market or try to get big 4?

Currently, I just finished my junior year of college and I have an internship with a mid market firm for next spring. I will be graduating that same spring with my bachelors in accountancy and will have my 150 credits to take the CPA exam. Assuming that I receive a full time offer after my […]