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New Audit Standard Encourages More Talking

The new standard could level the playing field between CFOs and other less-informed members of audit committees, an audit regulator says.

August 15, 2012

The Public Company Accounting Oversight Board (PCAOB) today approved a standard on how to help auditors and audit committees communicate better. While Auditing Standard No. 16 (dubbed Communication with Audit Committees) still has to be approved by the Securities and Exchange Commission, the formal adoption of the rule shows the importance the PCAOB is placing on the need for better communication to improve thetransparency and integrity of financial reporting by U.S. companies. Read more...

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