Reported about 1 month ago
The U.S. Securities and Exchange Commission (SEC) has voted 3-2 to approve new accounting standards aimed at improving audit quality, despite opposition from Republican members who criticized the process and potential burdens on smaller firms. The standards, adopted by the Public Company Accounting Oversight Board (PCAOB), will require firms to enhance their risk management and accountability in audits. The new measures, prompted by findings that nearly half of audit engagements reviewed in 2023 were inadequate, are set to be implemented in December next year.
Source: YAHOO