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Audit Regulator Conducting Sweeps of Firms to Root Out Problems

July 28, 2022, 7:36 PM

The Public Company Accounting Oversight Board is conducting sweeping investigations of audit firms to root out potential rule violators, the audit watchdog’s chief said Thursday.

“We learn a lot from our inspections, but there are occasions where we need to be able to proactively seek out to see if firms are complying, and that’s what we’re using our sweeps to do,” PCAOB Chair Erica Williams said at a virtual event hosted by the Council of Institutional Investors.

The audit regulator is looking for violations of the board’s standards or rules, Williams said. “Those who break the rules should ...