SEC to put U.S. audit watchdog under microscope


Historical financial statement

Image @Wikipedia

By Sarah N. Lynch – U.S. securities regulators will question the top U.S. audit watchdog about his budget and policy priorities on Wednesday, in a rare public meeting designed to shed more transparency on the agency that has tightened the screws on the auditing profession over the past year.

The PCAOB (Public Company Accounting Oversight Board) is considering whether to limit the number of years an audit firm can work for the same client – an action that could break up some business relationships more than a century old. It also is considering forcing auditors to put their names on the audit reports attached to companies’ financial statements. more> http://tinyurl.com/7a2zfhv

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