Auditors Grappling With Trio of Governance Rules Seek US Delay

Accounting firms back the US audit regulator’s proposal to delay new foundational rules for how auditors safeguard the quality of their work, but are also reprising earlier calls to retool the requirements, they told the SEC in comment letters.

Auditors said they need more flexibility in how to police their own work as they face new US requirements that would be layered on top of existing international standards. The new US quality control standard is set to take effect in December unless the SEC agrees to a one-year reprieve the Public Company Accounting Oversight Board proposed in August.

The ...