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Audit Firms Object to Supervision Rule Proposal as Too Strict

Dec. 3, 2021, 11:00 PM

Audit firms have panned a proposal to strengthen U.S. audit rules that dictate how they oversee the work of other accountants, calling them too rigid and saying the requirements would place too much responsibility on the shoulders of supervisory auditors.

Firms urged the Public Company Accounting Oversight Board in recent letters to provide more flexibility for how auditors determine which firm leads a multinational engagement, how the work is divided among firms, and the scope of a lead partner’s supervision. They also urged the board to align its rules with international standards that global firms already use for their multinational ...