July 29, 2016

PCAOB: Supervision of Audits Involving Other Auditors

In this letter, the CAQ expresses its agreement that current professional standards regarding the use of other auditors should be the subject of outreach and enhancement. Changes in the business environment, company organizational structures, accounting firm structures, financial reporting standards, and regulatory reporting requirements have all contributed to the need to revisit current standards, the CAQ says. The CAQ supports actions that lead to increased communications among the lead auditor and other auditors that promote audit quality and the Board’s focus on enhancing and refining requirements in this area.