Treasury’s advisory committee seeks comment on additional recommendations

The U.S. Treasury Department's Advisory Committee on the Auditing Profession published an addendum to its draft final report that is now open for comment.

The addendum adds four new issues to the draft report for public comment:

1. Recommendation that the PCAOB should reconsider the form and content of the auditor’s report
2. Whether engagement partners (not just the “firm”) should sign audit reports
3. Whether audit firms should be required to make public a set of audited financial statements for their own firm
4. Whether it would be appropriate to transfer to federal court jurisdiction certain claims against auditors and related issues regarding a uniform standard of care

The addendum has a 30-day comment period once it’s published in the Federal Register.

The committee has received several comments on their draft report and expects to release their final report in July.

• View submitted comments on draft report recommendations

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