The U.S. Chamber of Commerce is calling on regulators and lawmakers to change the playing field for audit firms, protecting both the profession and capital markets in the process.
In a recent white paper, “Auditing: A Profession at Risk,” the Chamber asserts that auditors need protection from litigation, a clearer understanding of their role as fraud detectors, relaxation of independence rules that impede competition among auditors, and intervention to increase the number of large audit firms. The Chamber calls for a broad effort involving policymakers, Wall Street, audit firms and the business community to remake the audit profession.
