Business, Management and Accounting
4 years ago

Audit Oversight Board Reforms Needed to Protect Investors and Restore Trust

Accounting Horizons
Audit Standard Setting and Inspection for U.S. Public Companies: A Critical Assessment and Recommendations for Fundamental Change
Steven M. Glover, Douglas F. Prawitt, Mark Taylor

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The audit standard-setting and inspection models for U.S. public companies are seen as inefficient and dysfunctional. The current approach by the PCAOB has serious problems and flaws that limit its ability to achieve its mission. Recommendations for change have been proposed to improve audit standard setting, inspection, and enforcement.