PCAOB Releases Staff Guidance for Expanded Auditors Report

By:
Chris Gaetano
Published Date:
Dec 5, 2017
audit

The Public Company Accounting Oversight Board (PCAOB) released staff guidance intended to help people make sense of the new expanded auditor's report, which was formally adopted this past June. The first major change to the format in decades, the new expanded auditor's report introduces a number of new features, most prominently the concept of Critical Audit Matters: parts of the audit that were particularly complex, difficult or required an unusual level of auditor judgment. The guidance outlines specifically what these, and other features of the new report, actually are, and explains how they factor into the report itself. 

"These changes make a number of improvements that are primarily intended to clarify the auditor's role and responsibilities related to the audit of the financial statements, provide additional information about the auditor, and make the auditor's report easier to read. This guidance addresses these key elements of the revised auditor's report," said the guidance. 

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