PCAOB Adopts Auditing Standard on Communications With Audit Committees

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On August 15, 2012, the Public Company Accounting Oversight Board (PCAOB) announced its adoption of Auditing Standard No. 16 that seeks to improve communications between auditors and audit committees. Auditing Standard No. 16 supersedes the PCAOB's interim standards AU sec. 380, Communication With Audit Committees, and AU sec. 310, Appointment of the Independent Auditor. Auditing Standard No. 16 was proposed on March 29, 2010 and was re-proposed on December 20, 2011.

 


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