SEC Top Accountant Says Its Time to Revamp US Audit Standards

The US audit board should make it a priority to bolster its core auditing standards, most of which predate the regulator’s creation, the SEC’s top accountant said Monday.

Broader improvements are needed to the Public Company Accounting Oversight Board’s standards after two decades with few changes to the basic rules that auditors must follow, Paul Munter, acting chief accountant to the Securities and Exchange Commission told Bloomberg Tax Monday.

• The board, under past leadership, “hasn’t done much standard setting to address audit execution and driving improvements in audit quality through improved standard setting,” Munter said on the sidelines of the ...