DHG’s Response to the PCAOB’s "Supplemental Request for Comment: Rules to Require Disclosure of Certain Audit Participants on a New PCAOB Form"

Dixon Hughes Goodman LLP (DHG) has responded to the Public Company Accounting Oversight Board’s (PCAOB) Supplemental Request for Comment: Rules to Require Disclosure of Certain Audit Participants on a New PCAOB Form.

DHG supports calls from financial statement users for increased transparency into the audit, including better understanding the parties responsible for performing an audit through identifying the engagement partner and providing information on certain other audit participants, and commends the PCAOB for proposing a disclosure option within a newly created PCAOB Form AP, Auditor Reporting of Certain Audit Participants (Form AP).

We believe identifying the engagement partner and providing information about certain other audit participants within the Form AP would avoid many of the practical challenges and potential legal implications that would arise from providing this information in the auditor's report. Furthermore, we question the need to provide a voluntary option for audit firms to disclose within the auditor’s report, when the practical challenges and increased litigation risk associated with disclosure in the auditor’s report remain.

ABOUT THE AUTHORS

Dave Hinshaw
Partner, Professional Standards Group
Dave.Hinshaw@dhg.com
GET IN
TOUCH
© Dixon Hughes Goodman LLP. All rights reserved.
DHG is registered in the U.S. Patent and Trademark Office to Dixon Hughes Goodman LLP.
praxity