On December 15, 2015, the Public Company Accounting Oversight Board (PCAOB) issued PCAOB Release No. 2015-008, Improving the Transparency of Audits: Rules to Require Disclosure of Certain Audit Participants on a New PCAOB Form and Related Amendments to Auditing Standards. PCAOB Rule 3211 requires disclosure of the name of the engagement partner and information about other accounting firms on the new PCAOB Form AP, Auditor Reporting of Certain Audit Participants (Form AP).
Form AP is due to be filed with the PCAOB by the 35th day after the date the audit report is first included in a document filed with the Securities and Exchange Commission (SEC), subject to the shorter filing deadline that applies when the audit report is first included in a Securities Act registration statement.
Form AP requires information about the engagement partner on the most recent period’s audit to be disclosed on Form AP filed with the PCAOB. This requirement applies to both audit reports filed with the SEC for audits of issuers on Form 10-K and Form 11-K. Form AP also requires disclosure of other accounting firms participating in the audit.
Form AP is effective for disclosure of the engagement partner for audit reports issued on or after January 31, 2017. The effective date for disclosure of other accounting firms participating in the audit is for audit reports issued on or after June 30, 2017.
If you have any questions about the new PCAOB Form AP or any other matter, please contact us.