Revised communications with audit committees of public companies

Revised communications with audit committees of public companies provides a summary of recently adopted Public Company Accounting Oversight Board (PCAOB) Auditing Standard (AS) No. 16, Communications with Audit Committees. AS 16 supersedes two existing PCAOB interim auditing standards - AU 380, Communication With Audit Committees, and AU 310, Appointment of the Independent Auditor, - and makes conforming changes to other standards, including AU 722, Interim Financial Information. This summary discusses the new standard’s enhancements to pre-existing communication requirements, new communication obligations, and incorporation of certain SEC auditor communication requirements. It also provides an overview of the required timing of the communications and the effective date of the standard.