SEC approves enhanced auditor reporting and communication
The US markets regulator approves new standards, which will see auditors reveal their tenure with an organisation and more detail in their audit report.
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The US markets regulator has approved new audit rules that will increase the level of information provided by auditors about the work they’ve undertaken.
Communication of "critical audit matters" (CAMs) and disclosure of auditor tenure have been enshrined into regulation after approval by the Securities and Exchange Commission (SEC).
The new rules were proposed by US accounting watchdog the Public Company Accounting Oversight Board (PCAOB), and come after a seven-year project to make auditor reports more detailed and informative. Three rounds of public consultation took place during the period.
“I strongly support the objective o
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