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VOL. 128 | NO. 158 | Wednesday, August 14, 2013

Agency Proposes Requiring More Data From Auditors

AP

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WASHINGTON (AP) – A watchdog agency for the accounting industry is proposing that auditors be required to give shareholders more information when they assess the accuracy of public companies' financial reports.

The Public Company Accounting Oversight Board proposed changes Tuesday to the auditor's report, which accompanies a firm's annual report. It is where outside accountants disclose what they found in their review. It would be the first significant change to the auditor's report since the 1940s, the oversight board said.

It could give shareholders fuller information and indicate possible areas of concern about a company's finances.

For example, the report would have to specify areas in which auditors had trouble making a judgment.

The proposal was opened to public comment. If adopted, the change wouldn't take effect until 2015.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 109 490 20,766
MORTGAGES 131 556 24,361
FORECLOSURE NOTICES 6 61 8,610
BUILDING PERMITS 294 1,204 42,337
BANKRUPTCIES 63 348 13,902
BUSINESS LICENSES 18 97 6,401
UTILITY CONNECTIONS 41 216 13,511
MARRIAGE LICENSES 14 78 5,069

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