US audit firms ordered to bring in outsiders to oversee quality

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The story "US audit firms ordered to bring in outsiders to oversee quality" was covered 14 hours ago by Financial Times, a news publisher based in United States.

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Financial Times 14h ago

US audit firms ordered to bring in outsiders to oversee quality - Financial Times

Quick Summary:

The SEC must approve new PCAOB standards, and the agency did so on Monday by a three to two vote, despite a warning from the US Chamber of Commerce that it would consider suing to halt the new governance arrangements.

Under the new PCAOB standards, firms that audit more than 100 public companies will have to set up an oversight board that includes at least one independent outsider.

The agency has also been pursuing an ambitious agenda to modernise audit standards that, in some cases, were written by the industry itself decades ago, before the PCAOB was created in the wake of the Enron scandal.