EY Audit Chief Calls for Consistency on Quality Control Rules

The top executive overseeing Ernst & Young LLP ‘s audit practice supports retooling out-of-date rules for how accounting firms police their own performance.

He just doesn’t want the U.S. audit regulator, the Public Company Accounting Oversight Board, to act in a vacuum.

John King, EY Americas’ vice chair for assurance, said he prefers that any changes to the U.S. requirements align with international quality control standards currently being vetted.

“Because we run a global practice, we think as much consistency in the standards for looking at quality control or quality management in the audit firms, as much consistency as there ...