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By Steven Marcy
Dec. 5 — Investors, audit committees, academics, and top management should all become involved in early efforts to aid implementation of new audit standards, an SEC accounting practice fellow urged.
Jennifer Todling told the American Institute of CPAs’ annual conference on Securities and Exchange Commission and PCAOB developments that investors should involve themselves directly with the audit profession in addition to regulators and standard setters like the Public Company Accounting Oversight Board.
Such feedback has aided implementation efforts of the PCAOB’s new standard requiring the audit engagement partner be identified, but on a form separate from the audit report.
“While this is only the beginning, things do seem to be off to a good start in implementing this new rule,” Todling said Dec. 5.
Auditors should reach out to investors soon after adoption of a new standard to smooth its emplacement.
Audit committees also should begin discussions with auditors shortly after adoption of a new standard to ensure the best practices for performing new audit requirements are identified , Todling said.
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