CA NeWs Beta*: PCAOB issues proposal on auditor supervision

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Friday, April 15, 2016

PCAOB issues proposal on auditor supervision

It requires auditors to:

Obtain representation from each other that other auditor is licensed to practice under applicable laws.

Determine whether each other auditor that would play substantial role in preparation or furnishing of
the lead auditor's report.

Disclose the name of  the other auditor in the lead auditor's report.

Lead auditor to disclose in its auditor report which portion of the financial statements was audited by each other.

Click here to see the proposal

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