The US Public Company Accounting Oversight Board (PCAOB) has introduced new rules requiring large accounting firms to submit annual financial statements and disclose key audit quality metrics.
These measures aim to enhance transparency and oversight. The PCAOB voted 4-1 on both rules, which will take effect in phases starting in 2027, pending approval by the Securities and Exchange Commission (SEC). The approval was made despite objections from audit firms citing increased costs and administrative burdens.
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