Auditors would be required to disclose the most difficult parts of their opinion of a public company's books under a proposal that would trigger the first change in 70 years to the reports.
The Public Company Accounting Oversight Board voted unanimously today to issue a plan meant to amplify the information investors receive from the auditor's report. The PCAOB has studied ways to overhaul such reports since the 2008 credit crisis.
The PCAOB's proposed standard would require auditors to tell investors about matters that proved the most difficult to judge. Auditors also would have to disclose how long they've worked for the company, data that could be useful in assessing the auditor's independence.
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