In a recent speech, Kathleen Hamm, a former Board Member of the Public Company Accounting Oversight Board (PCAOB), highlighted how the audit industry and regulators can drive improved audit quality going forward to rebuild trust in the audit sector. In so doing, she stressed the importance of establishing effective quality control (QC) systems and audit quality metrics.
Hamm acknowledged historical challenges in financial reporting, referencing high-profile scandals like those at Enron and WorldCom. Those failures led to significant investor losses and a decline in public confidence. The Sarbanes-Oxley Act and the establishment of the PCAOB have since driven improvements in audit quality.
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