PCAOB Adopts New Auditing Standard to Enhance Relevancy and Usefulness of Auditor’s Report

After many years of deliberations, outreach and exposure drafts, the Public Company Accounting Oversight Board (PCAOB) adopted a new standard aimed at expanding the audit report to provide information that they believe is important and informative to investors. On June 1, 2017, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, and related amendments to PCAOB standards, was issued by the PCAOB and is subject to SEC final approval.