Auditor Law-Breaking Search Too Expansive and Costly, Board Told

Proposed rules that would require auditors to dig deeper to uncover corporate lawbreaking would transform the role of the auditors but wouldn’t benefit investors, US companies and corporate directors say.

The cost to sort through numerous laws and regulations across various states and countries could add billions to the total cost of auditing publicly-traded companies, audit committee members, and the US Chamber of Commerce told the Public Company Accounting Oversight Board in letters submitted since the end of July.

Instead, those and other corporate stakeholders ...