US Audit Board Commits to Modernize Rules That Predate Enron (1)

The US audit overseer pledged Tuesday to bring tougher penalties against individuals and firms that break its rules and to modernize decades-old standards to respond better to new risks in the global marketplace.

The Public Company Accounting Oversight Board voted unanimously to release a draft strategic plan that formalizes the vision and goals laid out in speeches from Chair Erica Williams and steps the board has already taken, such as restoring its two advisory groups and hiring an investor advocate. The document will guide board policy and budgeting through 2026.

“Our plan recognizes that maintaining investor confidence in financial reporting ...