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Staff Turnover Could Spread Audit Teams Too Thin, Regulator Says

Dec. 8, 2021, 11:33 PM

The U.S. audit regulator is keeping tabs on how a wave of auditor resignations could hamper firms’ ability to assign enough qualified CPAs to testing the corporate accounting of publicly traded companies.

Inspectors with the Public Company Accounting Oversight Board will track risks posed by high rates of staff turnover as part of routine audit firm reviews in 2022, George Botic, the board’s inspections director, told an American Institute of CPAs conference on Wednesday.

  • “Staff turnover can place a strain on audit firms,” Botic said. “Rapid staff turnover may result in increased workloads and fewer experienced professionals with the ...