USA: PCAOB proposes auditing standard on communication with audit committees

Towards the end of last year the Public Company Accounting Oversight Board proposed for comment an auditing standard on communication with audit committees: see here. The standard, which was originally proposed in March 2010 (see here, pdf), seeks to enhance the relevance and quality of the communications between the auditor and audit committee. It retains many existing requirements but establishes additional categories of information requiring disclosure by the auditor including, for example, significant transactions outside of the normal course of the company's business.