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ARTICLE · 03 JULY 2017

CAQ Provides Guidance For Audit Committees About Audit Participant Reporting

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In December 2015, the Public Company Accounting Oversight Board (PCAOB) adopted a rule requiring audit firms to file information on Form AP for each public company audit report.

United StatesAccounting and Audit
Thomas W. White
Thomas W. White
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In December 2015, the Public Company Accounting Oversight Board (PCAOB) adopted a rule requiring audit firms to file information on Form AP for each public company audit report. The disclosures include the name of the engagement partner for the audit as well as information about the name(s) and extent of participation of other accounting firm(s) in the audit. ( See our December 17, 2015 post describing these standards.) The disclosure requirement for engagement partner names took effect for audit reports issued on or after January 31, 2017, and the information regarding other accounting firm participants will be required for audit reports issued on or after June 30, 2017.

The Center for Audit Quality (CAQ), a public policy organization associated with the accounting profession, recently issued Form AP – Auditor Reporting of Certain Audit Participants: A Tool for Audit Committees, to assist audit committees in understanding the new auditor disclosures. Among other

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