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April 2014 » The PCAOB's Proposed New Audit...
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Thomas R. Weirich, PhD, CPA, and Alan Reinstein, DBA, CPA
An independent auditor's report represents the culmination of the audit process and provides a written conclusion for use by third parties. The current auditor's reporting model, first standardized in the 1940s, provides uniform language in order to make reports comparable; however, over the years, various groups (e.g., the Cohen, Metcalf, and Treadway Commissions) have asked for modifications to the report in order to enhance the communication between auditors and financial statement users. These requests have generally entailed additional information on the audit process, including a perspective on the potential risks of material misstatement in the financial statements. Based on recent public comments, investors have suggested that audit reports contain the following information:
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