PCAOB to Change Auditor Reports

Accounting Today reports that, this summer, the Public Company Accounting Oversight Board is scheduled to propose changes to the auditor’s reporting model. The action is a result of garnering input from stakeholders ranging from investors to audit committee members. PCAOB Chief Auditor Martin Baumann said, “…Investors say they need to hear more from the auditor about the risks the auditors faced in the audit and about the judgments and estimates management used in the financial statements.”