The US audit board, under new leadership, is moving to amend the 2024 overhaul of its quality control standard, targeting provisions that accounting firms have flagged as stumbling blocks to adopting the foundational rule changes by year’s end.
The Public Company Accounting Oversight Board voted unanimously Tuesday to issue the proposed changes for public comment even as a December effective date looms. Under the draft revisions, the largest firms would no longer be subject to independent oversight of their quality safeguards, and all firms would have more flexibility in picking a date to assess whether those guardrails are working.
“The ...
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