FEE provided its comments on the PCAOB Rulemaking Docket Matter No 029, 'Improving the Transparency of Audits: Proposed Amendments to PCAOB Auditing Standards and Form 2'. FEE has not expressed views on issues that focus on purely national US matters.
FEE's general comments to the issues raised in the PCAOB proposed rulemaking that are relevant from a European or international perspective are set out below and can be summarised as follows:
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FEE fully supports the aim of improving transparency of audits and believes that including the name and the signature of the engagement partner responsible for the audit will contribute to achieve this. The disclosure requirements should clearly state that only the names of those that have responsibility for the audit should be disclosed in the audit report in order not to give the perception of dilution of responsibility for the audit.
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FEE does not believe that the proposal to disclose “…the percentage of hours attributable to the audits or audit procedures performed by the other participants in the audit…” will help to improve audit quality, and strongly urges the PCAOB not to go down this route.
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