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The PCAOB’s Valentine’s Day Gift to Us is More Time to Comment on Partner Naming

Compliance Week has our friendly reminder that if you have something to say about audit partner naming, you better speak now or forever hold your peace:

As preparers wrap up their year-end financial reports, they'll have a few extra weeks to make their views known on a proposal to begin naming engagement partners in the audit report.

The Public Company Accounting Oversight Board has set a new comment letter deadline of March 17 to submit feedback on a proposed auditing standard meant to give investors more information on exactly who supervises and performs an audit. The proposal would require audit firms to name in the audit report the engagement partner who oversees the audit, plus the names of any outside audit firms that the principal auditor relied on to do the audit work, such as a network firm in another jurisdiction, for example. The report would include the percentage of the total audit hours performed by the outside firm, and it would identify any other individuals or firms not employed by the audit firm who performed audit procedures that contributed to the ultimate audit opinion.

Comments were initially due on February 3, 2014.

We here at GC plan to comment when we get around to it; should any of you have anything you think we should mention, feel free to let us know in the comments.