Joint Trade Association Letter on Critical Audit Matters

The undersigned associations and businesses represent every sector of the economy and employ millions of workers. We believe that management’s responsibility for accurate and transparent financial reporting is essential for the efficient capital markets needed to fuel economic growth. We believe, however, that the Public Company Accounting Oversight Board (“PCAOB”) Proposed Auditing Standard on The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards (the “Proposed Standard”), filed with the Securities and Exchange Commission (“SEC” or “Commission”) on July 19, 2017, should not be finalized in its current form as it sets problematic standards for materiality and will be detrimental to public companies.


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