PCAOB adopts standard on auditor communications with audit committees
At its open meeting on 15 August 2012, the Public Company Accounting Oversight Board adopted Auditing Standard No. 16, Communications with Audit Committees, and related amendments to other PCAOB standards. AS 16 requires auditors to engage in certain communications with audit committees and is intended to foster a meaningful dialogue on important audit and financial statement matters. The PCAOB expects more effective two-way communications to enhance audit quality and strengthen audit committee oversight. The new standard is subject to approval by the Securities and Exchange Commission.
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