PCAOB Proposals Promise Increased Transparency in Audit Industry

On June 21, 2011 the Public Company Accounting Oversight Board (PCAOB), whose mission is the regulation of US auditing firms, took the first step towards reforming transparency requirements in auditor reports by issuing for public discussion a concept release outlining potential changes to auditing standards. The board will also convene a public roundtable to discuss the concept release in the third quarter of 2011.

James R. Doty, PCAOB Chairman characterised the release as "a significant step for investor protection in response to the financial crisis, and a first step toward an holistic consideration of reforms designed to foster the relevance, transparency and reliability of the audit process."

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