US audit firms are fighting back against new rules proposed by the Public Company Accounting Oversight Board (PCAOB) that mandate the establishment of external oversight bodies within the firms.
This rule is part of a broader effort by the PCAOB to update decades-old quality control standards in the industry, aiming to enhance trust in public markets following the Enron scandal. Some firms, like PwC and BDO, already incorporate similar advisory councils into their governance structures. Despite this, they and other large firms, alongside the Center for Audit Quality, are pushing back against the formalization of independent oversight roles.
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion
Sign in and be the first to comment.