Audit Board Must Evolve or Risk Becoming Obsolete, Chair Warns

The new chair of the US audit board warned Thursday that despite its successful track record, the industry watchdog must modernize its approach to regulation, and prepare for rapid changes in technology and shifting market demands.

Demetrios Logothetis, who took the helm of the Public Company Accounting Oversight Board earlier this year, made the case for change in remarks to a financial reporting conference at the University of Southern California.

“It is critical that we evolve the PCAOB over the next three to five years,” Logothetis said. Otherwise “we could find ourselves becoming obsolete.”

The PCAOB last year ...