In our comments responding to the PCAOB’s proposal on firm reporting, we agree that responsible and appropriate transparency would enhance stakeholders’ understanding of individual audit firms, but are concerned that the basis for the proposed transparency requirements remains unclear, as many of the direct benefits of implementing these requirements are ladened with caveats that could curtail their usefulness. As a result, we question whether certain proposed reporting requirements would be useful as well as meaningful to investors.
We also question the interrelationship between certain of the proposed requirements with other PCAOB standard-setting and rulemaking projects, which could result in duplicative reporting requirements. Coupled with practical application challenges, these concerns point to a troubling imbalance between avoidable cost challenges and the potential benefits of the proposed requirements.
To read our comments in full, download our letter here.
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