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Audit Firms Brace for Tougher Quality Oversight Mandates (2)

Nov. 18, 2022, 8:09 PMUpdated: Nov. 18, 2022, 11:02 PM

US accounting firms would have to report annually on the state of their audit quality, and top firm leaders would have to certify compliance under a major overhaul of governance requirements proposed by the US regulator.

The Public Company Accounting Oversight Board on Friday voted unanimously to issue new quality control requirements meant to ensure that firms meet US audit standards and ultimately provide an effective check on corporate accounting. The new rules would replace standards that predate the board’s 2002 creation and are intended to better protect investors through improved auditing.

Board members also approved the 2023 budget ...