The SEC has approved a proposed PCAOB rule requiring identification of audit engagement partners and certain other audit participants.
Under the PCAOB rules, for each audit report it issues for an issuer, a registered public accounting firm must file with the PCAOB a report on Form AP that includes the following:
- The name of the engagement partner and Partner ID; and
- Other information for other audit firms participating in the audit.
Form AP has a basic filing deadline of 35 days after the date the auditor’s report is first included in a document filed with the SEC, with a shorter deadline of 10 days after the auditor’s report is first included in a registration statement under the Securities Act of 1933 (the “Securities Act”) filed with the SEC, such as for an initial public offering. Firms will file Form AP through the PCAOB’s existing web-based Registration, Annual, and Special Reporting system.
The PCAOB rules will be effective as follows:
- Disclosure of the engagement partner: auditors’ reports issued on or after January 31, 2017; and
- Disclosure of other accounting firms: auditors’ reports issued on or after June 30, 2017.