Cleary Gottlieb

International Top 30 position: 13
International 50 position (Asia-Pacific): =40

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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Analysis from The Lawyer


City Place House
55 Basinghall St

Firmwide revenue 2011 ($m): 1,125
Global lawyers 2011: 1,183
Jurisdiction: US
No. of offices: 3
No. of qualified lawyers: 52 (International 50)