FEI Responds To PCAOB Proposal On Communication With Audit Committees
May 28, 2010
On May 28, 2010, FEI's Committee on Corporate Reporting (CCR) filed a comment letter in response to the Public Company Accounting Oversight Board's Release No. 2010-001, “Proposed Auditing Standard Related to Communications with Audit Committees and Related Amendments to Certain PCAOB Auditing Standards.”
The CCR letter supports the PCAOB board’s efforts to comprehensively update the interim auditing standards in regard to communications with audit committees, which is consistent with the Sarbanes-Oxley Act of 2002.
However, CCR is concerned by and does not support some of the additional communication requirements proposed by the PCAOB Board, especially those related to accounting policies, practices and estimates.
Read the FEI CCR comment letter for details.
May 28 was the comment deadline on the PCAOB proposal; comment letters posted on the PCAOB Web site so far (i.e. as of May 28, all dated prior to May 28) can be found here. Check back again for more comment letters to be posted.
Prepared by Lorraine Malonza, senior manager of Technical Accounting, Financial Executives International. This summary does not represent FEI opinion unless specifically noted above.