New Rule Requiring Audit Partners to be Identified

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. 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.