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At its Dec. 15, 2015 meeting, the Public Company Accounting Oversight Board (PCAOB) adopted new rules that provide audit firm transparency to public company investors. The rules require audit firms to disclose information regarding certain audit participants in public company audits. According to PCAOB Release No. 2015-008, firms will be required to file a new PCAOB form for each audit, disclosing:

  • The name of the engagement partner; 
  • The names, locations, and extent of participation of other accounting firms that participated in the audit whose work constituted at least 5 percent of total audit hours; and 
  • The number and aggregate extent of participation of all other accounting firms that participated in the audit whose individual participation was less than 5 percent of total audit hours.

The information will be filed on Form AP, Auditor Reporting of Certain Audit Participants, and will be available in a searchable database on the PCAOB website. The audit firm will be required to file Form AP within 35 days after the date the auditor's report is first included in a document filed with the SEC. In the case of initial public offerings, the audit firm will be required to file Form AP within 10 days after the auditor's report is first included in a document filed with the SEC. The new rules are still subject to approval by the SEC. If approved, the disclosure requirements will begin to take effect in early 2017. 

 

For more information or questions on this topic, please contact your local UHY LLP professional.