Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Draft Audit Management Rules Would Hammer Small Firms, CPAs Warn

Sept. 7, 2021, 4:15 PM

Small CPA firms say they would be forced out of business if they had to comply with draft rules meant to bolster internal checks on audits of private businesses and nonprofits.

Scores of letters to the Audit Standards Board, part of the American Institute of CPAs, urged that quality-management rules for small or even mid-sized regional firms be left unchanged. Larger firms, however, mostly shrugged off the proposed changes and provided suggestions to bolster and clarify the draft rules.

“Our firm wishes you would reconsider the suggested draft and propose a standard that would benefit all firms and clients while ...