US auditors should plug any gaps in internal quality safeguards more quickly after routine regulatory inspections and consider how firm culture might counteract any fixes.
The Public Company Accounting Oversight Board on Thursday issued supplemental remediation guidance detailing how its inspections staff evaluates whether firms take effective steps to remedy quality control violations.
The board regularly inspects those safeguards, meant to deliver sound audits, to ensure that firms meet basic audit requirements. If firms don’t correct documented deficiencies in their quality controls within 12 months the board would publish the details of those missteps.
- Last year the PCAOB said that ...
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