In our comments responding to the Public Company Accounting Oversight Board’s proposed amendments to Rule 3502, Governing Contributory Liability, we support the Board’s mission and ongoing commitment to investor protection, but note some specific concerns with the proposed amendments, as well as a broader but considerable concern about the cumulative impact the amendments could have when combined with the potential consequences of other active standard-setting projects. We believe this combined impact on the profession as a whole could affect auditors’ ability to sufficiently carry out their responsibilities within the financial reporting chain.
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