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Executive Summary

In May 2016, the Public Company Accounting Oversight Board (PCAOB) re-proposed its auditor reporting standard, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, and related amendments to certain other PCAOB standards—a scoped-down, clarified version of the related standard first proposed in August 2013. The re-proposal maintains the objective of more clearly conveying the auditor’s responsibilities, the nature of audit work performed—including significant audit matters—and the level of audit assurance provided. In connection with the proposed standard, the PCAOB proposes to amend related language in Auditing Standard 3105, Departures from Unqualified Opinions and Other Reporting Circumstances, and certain auditing standards and interpretations.\


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