KPMG Comments on PCAOB Proposal About Communication in the Auditor's Report of Certain Participants in the Audit
Mar 17, 2014
From the Financial Reporting Network
KPMG LLP recently commented on a PCAOB proposal, Improving the Transparency of Audits: Proposed Amendments to PCAOB Auditing Standards to Provide Disclosure in the Auditor’s Report of Certain Participants in the Audit, which would require an auditor to disclose in the auditor’s report:
- The name of the engagement partner; and
- The names, locations, and extent of participation of other independent public accounting firms that took part in the audit, and the locations and extent of participation of other persons not employed by the auditor who performed procedures on the audit.
Consistent with its previously stated position, KPMG recommends that the engagement partner’s name not be disclosed. KPMG supports communicating certain information about independent public accounting firms and other persons not employed by the auditor that took part in the audit, but believes that the communication should be made outside the auditor’s report.Read PCAOB Release No. 2013-009