U.S. Audit Board Seeks Input to Modernize Quality Controls (1)

Issues of corporate governance and audit quality measurement are among questions the U.S. audit regulator has posed to stakeholders as it considers modernizing rules for how firms monitor their work.

The Public Company Accounting Oversight Board released a conceptual framework Dec. 17 that could lay the foundation for new standards governing quality control systems or possible changes to existing rules. The goal is to raise the bar on audit quality by ensuring that firms have safeguards in place to prevent violations and ensure consistent, effective auditing.

“Trusted reliable financial reporting depends on rigorous, independent auditing, which in turn relies on ...