Watchdog Wants Audit Reports To Reveal Critical Issues

Law360, New York (August 13, 2013, 10:21 PM EDT) -- The nation's top accounting watchdog Tuesday proposed a major revision to standard auditing practices that would see auditors have to provide more information, including critical issues that arose during the audit, aimed at giving investors more information about public companies.

The Public Company Accounting Oversight Board's proposal would be the first revision of the standard audit report in around 70 years. With the proposed revision, the PCAOB seeks a more complete view of the audit process and more insight into a company's financial situation by requiring...
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