Tell the Comp Committee and Consultants the Auditors Will be Calling

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We previously described a PCAOB reproposal regarding audit procedures for related party transactions.  A suggested audit procedure consisted of “Inquiries of the compensation committee chair and any compensation consultant regarding the structure of executive officer compensation.”  This part of the proposed standard was recently adopted by the PCAOB without any changes.  Subject to SEC approval, the new standard will be effective for audits of financial statements for fiscal years beginning on or after December 15, 2014.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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