Large US Audit Firms Poised for More Scrutiny of Financials (2)

The largest US auditors, hired to vet corporate accounting for some of the most valuable multinational companies, would have to submit their own set of financial statements to their oversight board under a proposal advanced Tuesday.

The Public Company Accounting Oversight Board voted 4-1 to release draft rules that would require firms to report a batch of new information to the audit regulator including cyber breaches, material threats to their business, changes in firm ownership and significant financing that could alter their access to capital. Firms would submit the information to the regulator but it would not be made public. ...