In a recent speech, George R. Botic, a Board Member at the US Public Company Accounting Oversight Board (PCAOB), emphasized the importance of audit quality and the need for a sense of collective responsibility among all stakeholders — including audit firms, audit committees, public companies, regulators, and academics — in maintaining it.
"I submit to you that each one of these candidates represents a unique link of the financial reporting chain and each has a duty to ensure the performance of high-quality auditing," Botic said. "A few have a more clear and direct responsibility for audit quality such as the auditing profession and audit committees while other links in the chain are more indirect. But make no mistake, each plays a part in ensuring the auditing profession's ability to execute high quality audits year after year."
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