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In June 2017, the Public Company Accounting Oversight Board (PCAOB) adopted new auditor reporting standard AS 3101
The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion. The new standard replaces portions of extant AS 3101
Reports on Audited Financial Statements and the remaining content of extant AS 3101 will be re-designated as AS 3105
Departures from Unqualified Opinions and Other Reporting Circumstances. Related amendments to other PCAOB standards have also been adopted.
The new standard was developed in response to requests from users of audited financial statements for a more informative auditor’s report that includes communication of significant matters in the financial statements and the conduct of the audit. New AS 3101 retains the existing pass/fail model of the auditor’s report and requires the auditor’s report to:
The new auditor reporting standard applies to all audits conducted under PCAOB standards; however, communication of CAMs is not required for audits of emerging growth companies, brokers and dealers, investment companies other than business development companies and employee stock purchase, savings and similar plans. The phased effective dates are as follows, subject to approval by the Securities and Exchange Commission (SEC):
Auditors can elect to comply before the effective date at any time following SEC approval of the final standard. To access the PCAOB press release on this matter, please click
here. The new standard is available
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of June 12, 2017. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2017. All rights reserved.
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