SEC Approves PCAOB Expanded Audit Report Standard.

The SEC gave its approval to the Public Company Accounting Oversight Board's new standard for an enhanced audit report that would mark the biggest change to the format of the audit report in more than 70 years, going beyond the traditional pass/fail model.

The PCAOB voted to approve the new standard in June, expanding the scope of the audit report to include a discussion of "critical audit...