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Auditors Favor More Narrow Disclosures in Expanded Report

A field test of the PCAOB‘s proposed expanded audit report, which would require auditors to disclose critical audit matters, conducted by the Center for Audit Quality, showed that it might be more prudent to narrow the disclosure focus to include only things which had been already discussed with the audit committee, as well as take materiality into account when deciding what was and was not a critical audit matter, according to CFO.com.

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Written by

Herman Yiu, CPA - Audit Taxation Advisory (212) 802-1428