Date: August 15, 2016
Issue: Accounting and Auditing
To: Public Company Accounting Oversight Board (PCAOB)
Filing Type: Regulatory
Description: The CCMC is pleased that the PCAOB has dropped from the Proposal any new requirements on auditor responsibilities for other information outside the financial statements that were included in the prior proposal and is continuing research on these issues. However, the CCMC continues to have serious concerns regarding the Proposal, including that the Proposal
blurs and even weakens lines of corporate governance, especially in cases where open communication may been needed between the audit committee and an external auditor;
may create duplicative disclosures in many cases while risking auditors serving as original sources of information in others; and
may raise the liability for auditors and businesses which ultimately harms investors.
Date: November 26, 2013
To: U.S. Department of the Treasury
Description: CCMC is concerned about potential adverse ramifications if the European Union imposes audit firm rotation and caps on permissible non-audit services.
Date: November 20, 2013
To: International Auditing and Assurance Standards Board
Filing Type: Regulatory
Description: CCMC submitted a letter to the IAASB expressing concerns with the proposed new and revised international auditing standards. Unfortunately, many of the concerns we expressed last year, still remain. Specifically, the Proposal changes the role of the auditor and obscures the lines of responsibility established by corporate governance policies. If enacted, the proposals would enhance the liability profiles for auditors and companies and promote a chilling effect on the ability of auditors to exercise judgment and perform their critical duties for businesses and investors.
Date: October 3, 2013
To: United States Senate
Filing Type: Congressional Letter
Description: The Chamber sent a letter to Senators Toomey and Manchin, thanking them for introducing S. 1526, the “Audit Integrity and Job Protection Act.” The Chamber strongly supports S. 1526, which would ban mandatory audit firm rotation.
Date: April 9, 2013
Issue: Regulatory Reform
To: The Members of Congress
Filing Type: Congressional
Description: This report card evaluates the progress being made by regulators and policy makers in achieving financial regulatory reform, specifically the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), as well as other issues left unaddressed by this landmark legislation.