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2016

July 8, 2016 — PCAOB Issues Staff Implementation Guidance for Firms Filing Form AP, Auditor Reporting of Certain Audit Participants

PCAOB Issues Staff Implementation Guidance for Firms Filing Form AP, Auditor Reporting of Certain Audit Participants

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.

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