Accounting firms that audit private companies could see new rules for how to manage their risk and ensure consistent, high-quality work under a proposal that mirrors international requirements.
The Audit Standards Board, part of the American Institute of CPAs, released a batch of three proposed quality management standards Thursday that feature key changes from current practices involving self-inspections and routine audit reviews.
Under the proposed rules, audit firms would design policies and checks that address the risks that their practices routinely face, to replace a checklist of requirements that may not always match the complexity of their clients or ...