Today, the Commission approved new rules and amendments, as proposed by the Public Company Accounting Oversight Board (the “PCAOB”), designed to render auditor’s reports more informative to investors.

The release seeks to improve communication of the most critical audit matters by external auditors to company management and audit committees. It is of the utmost importance that such communications be well tailored and effective, and I commend both the staff of the PCAOB and the Commission for the effort that went into producing this release.