Draft Overhaul of Audit Firm Quality Rules Expected by Year-End

The US audit regulator aims to publish draft rules later this year that would overhaul how firms ensure they provide effective checks on management and meet basic standards.

Staff with the Public Company Accounting Oversight Board continue to work on a proposal to modernize and strengthen quality control standards.

“We are working with our new board, and we are hopeful that we will propose a release to the board later this year,” Barbara Vanich, acting chief auditor at the PCAOB, told a bank accounting conference Wednesday in Maryland.

• The board’s quality control project has languished in the nearly ...