Archives for Auditing

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 Secretary Lew regarding audit firm rotation (11/26/2013)

Date: November 26, 2013

Issue: Auditing

To: U.S. Department of the Treasury

Filing: Regulatory 

Description: CCMC is concerned about potential adverse ramifications if the European Union imposes audit firm rotation and caps on permissible non-audit services. 

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Letter to IAASB Regarding Exposure Draft on Reporting on Audited Financial Statements (11/20/2013)

Date: November 20, 2013

Issue: Auditing 

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.

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Letter to Senate supporting S. 1526, the “Audit Integrity and Job Protection Act” (10/3/2013)

Date: October 3, 2013

Issue: Auditing 

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.

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Financial Regulatory Reform 2013 Report Card

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.

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