Facing pressure from the accounting industry, the US audit regulator said Thursday that it will give firms an extra year to adopt a sweeping overhaul of governance requirements finalized by the Biden administration.
The Public Company Accounting Oversight Board said the reprieve responds to concerns from “various sources” that “some firms” would not be able to meet the looming deadline.
Accounting firms were on track to adopt in December a new standard for how they manage their audit practices from staff training to their roster of clients. The Securities and Exchange Commission approved the new quality control rules in September ...
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