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US Audit Leader Makes Case for Tougher Firm Governance Rules

Nov. 29, 2022, 8:45 PM

The chair of the US audit regulator said Tuesday that efforts to improve audit firm governance have been uneven across the industry and called for tougher standards to protect investors.

Public Company Accounting Oversight Board inspections continue to uncover shortcomings in auditor independence, audit execution, and staff oversight, even though the number of quality control violations has declined over the last decade, board chair Erica Williams said Tuesday in remarks to an auditing conference in New York. Still, quality control failures resulted in nearly $2 million in fines and penalties this past year, she said.