TAILIEUCHUNG - IMPROVING THE TRANSPARENCY OF AUDITS: PROPOSED AMENDMENTS TO PCAOB AUDITING STANDARDS AND FORM 2

The overall organizational structure of the Port Authority is heavily concentrated in senior and middle management. This structural characteristic in large part is driven by the long‐tenured nature of the employee workforce that has been promoted based on seniority and not necessarily merit. In part, the broad middle management of the organization is attributable to the large number of highly skilled engineers required to support its asset management and development responsibilities. As a byproduct of this historical trend, comparison of the average compensation of the Port Authority to its peer group reveals that the Port Authority, when evaluating average employee compensation costs, is at the top of average pay ranges. . | PCAOB Public Company Accounting Oversight Board IMPROVING THE TRANSPARENCY OF AUDITS PROPOSED AMENDMENTS TO PCAOB AUDITING STANDARDS AND FORM 2 1666 K Street NW Washington . 20006 Telephone 202 207-9100 Facsimile 202 862-8430 PCAOB Release No. 2011-007 October 11 2011 PCAOB Rulemaking Docket Matter No. 29 Summary The Public Company Accounting Oversight Board PCAOB or Board is soliciting public comment on amendments to its standards that would improve the transparency of public company audits. The proposed amendments would 1 require registered public accounting firms to disclose the name of the engagement partner in the audit report 2 amend the Board s Annual Report Form to require registered firms to disclose the name of the engagement partner for each audit report already required to be reported on the form and 3 require disclosure in the audit report of other independent public accounting firms and other persons that took part in the audit. Public Comment Interested persons may submit written comments to the Board. Such comments should be sent to the Office of the Secretary PCAOB 1666 K Street . Washington . 20006-2803. Comments also may be submitted by e-mail to comments@ or through the Board s Web site at . All comments should refer to PCAOB Rulemaking Docket Matter No. 29 in the subject or reference line. Comments should be received by the Board no later than 5 00 PM EDT on January 9 2012. Board Contacts Jennifer Rand Deputy Chief Auditor 202 207-9206 randj@ Dima Andriyenko Associate Chief Auditor 202 207-9130 andriyenkod@ and Lisa Calandriello Assistant Chief Auditor 202 207-9337 calandriellol@ . A D PCAOB Release No. 2011-007 I . xVyD October 11 2011 Page 2 Public Company Accounting Oversight Board y RELEASE I. Introduction The audit report is typically an investor s primary source of information about the audit. Usually a single .

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