New auditing standard to enhance the auditor's reporting model.

The Public Company Accounting Oversight Board proposed for public comment a new auditing standard that would retain the pass/fail model in the existing auditor's report, but would provide additional information to investors and other financial statement users about the audit and the auditor. The proposed standard would also require:

* The communication of critical audit matters as determined by the auditor;

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* The addition of new elements to the auditor's report related to auditor independence, auditor tenure, and the auditor's responsibilities...