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Over the past two years, both the Public Company Accounting Oversight Board (PCAOB) and the International Auditing and Assurance Standards Board (IAASB) have proposed important changes to the audit report. In particular, both the PCAOB and the IAASB proposed giving auditors more disclosure ability in their reports through Auditor?s Discussion and Analysis (AD&A) and Auditor?s Commentary, respectively. Your assignment is to write a thoroughly-researched paper describing whether or not the PCAOB and the IAASB should create standards requiring these additional auditor disclosures.
In order to properly orient and inform your opinions, I?ve posted links on Blackboard to the PCAOB Concept Release (Release No. 2011-003) and the IAASB Invitation to Comment (ITC). You should also consider the following questions:
? What is the auditor?s current role in financial reporting? How would the proposed changes alter this role?
? Who would benefit from the proposed changes? How?
? What are the potential costs of the proposed changes? Who would bear the costs?
? The comment periods for both the PCAOB Concept Release and the IAASB ITC have closed. How have interested parties argued in support of and opposition to the proposals?
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