Archives for PCAOB

Letter to the PCAOB regarding Proposed Auditing Standard on The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion (8/15/16)

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

  1. 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;
  2. may create duplicative disclosures in many cases while risking auditors serving as original sources of information in others; and
  3. may raise the liability for auditors and businesses which ultimately harms investors.

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Letter to PCAOB Regarding Transparency of Audits (3/10/2014)

Date: March 10, 2014

Issue: Auditing

To: Public Company Accounting Oversight Board

Filing Type: Regulatory

Description: The CCMC has serious concerns that the PCAOB has not met the minimum thresholds needed to move forward on the Proposal, namely the failure to demonstrate how the Proposal will provide investors with decision useful information and what investor interests are being addressed.

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Letter to the PCAOB regarding Proposed Auditing Standards (12/9/2013)

Date: December 9, 2013

Issue: Auditing

To:  PCAOB

Filing Type: Regulatory 

Description: Accordingly, the CCMC believes that the Proposal does not meet minimum thresholds required to move forward. Instead, the CCMC respectfully requests the PCAOB should work with the Securities and Exchange Commission (“SEC”) and Financial Accounting Standards Board (“FASB”) to move forward on a broad agenda of financial reporting modernization as outlined in the CCMC’s letter October 9, 2013 to SEC Chair Mary Jo White.

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Letter to PCAOB on Proposed Auditing Standard (7/8/2013)

Date: July 8, 2013

IssueAccounting and Auditing

To: Public Company Accounting Oversight Board

Filing Type: Regulatory

Description:  The CCMC believes that businesses must have a strong system of internal controls and recognizes the vital role external audits play in capital formation. The CCMC supports efforts to improve audit effectiveness and appreciates the opportunity to comment on the Public Company Accounting Oversight Board (“PCAOB”) Proposed Auditing Standard—Related Parties, Proposed Amendments to Certain PCAOB Auditing Standards Regarding Significant Unusual Transactions, and Other Proposed Amendments to PCAOB Auditing Standards (“the Proposal”).

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Letter to PCAOB Regarding Standing Advisory Group (SAG) Meeting (5/10/2013)

Date: May 10, 2013

Issue: Accounting and Auditing

To: Public Company Accounting Oversight Board

Filing Type: Regulatory

Description: CCMC sent a letter to the PCAOB encouraging the Board to discuss creating a Business Advisory Group and enhancements to the Board’s outreach and interaction with members of audit committees at the upcoming Standing Advisory Group (SAG) meeting.

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