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Investors Seek Tougher Quality Control Rules for Audit Firms

March 19, 2020, 10:30 PM

Investor and consumer advocates want leaders of U.S. audit firms to be held accountable for the quality of their work, which means that they need a measuring stick to assess their performance.

In recent comment letters to the Public Company Accounting Oversight Board, investor advocates renewed their years-long effort to establish a set of performance metrics referred to as audit quality indicators. The board, which serves as the U.S. audit regulator, considered such a requirement in 2015 but abandoned the effort.

The comments responded to a board project to overhaul its rules for the systems firms have in place ...