Accounting Journal Entry
July 8, 2016
Last week, the PCAOB issued staff implementation guidance for audit firms filing the new Form AP,1 on which the following disclosures are required:
- The name of the engagement partner.
- The name, location, and extent of participation of each accounting firm participating in the audit whose work constituted at least 5 percent of total audit hours.
- The number and aggregate extent of participation of all other accounting firms participating in the audit whose individual participation was less than 5 percent of total audit hours.