A hotly contested proposal that would require auditors to dig far deeper into their clients’ potential lawbreaking activities won’t be finalized this year, the US audit regulator said on Friday.
The Public Company Accounting Oversight Board had planned to adopt a major overhaul of its rules spelling out how auditors consider the financial risks of any legal or regulatory violations as they vet corporate revenues and balance sheets.
But now the board must grapple with the prospect of new leadership and a fresh set of priorities for financial regulators following President-elect Donald Trump’s win in the Nov. 5 US election. ...
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