Top accounting firms have come out in opposition to new rules proposed by the US Public Company Accounting Oversight Board (PCAOB) that would expand auditors' responsibilities to detect and report fraud and non-compliance with laws and regulations.
The Center for Audit Quality (CAQ), an advocacy group representing the Big Four, has asked corporate directors to sign a letter opposing the reforms, claiming that the changes would stretch auditors beyond their core competencies and significantly increase audit costs without sufficient benefit. "Auditors are not lawyers and as a result the proposed amendments would expand the auditor's role to include knowledge and expertise outside their core competencies," the letter said.
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