Accounting & Auditing Update

Securities regulators globally have banded together to call on audit committees to take a fresh look at their role in promoting and supporting quality audits.

International regulators are developing a broad proposal to call for improvements in audit committee oversight of external auditors.

Audit regulators globally say they’re seeing some incremental improvement in audit inspection results, but not yet enough.

Audit regulators are pondering how audit committees can be better leveraged to raise the bar on audit quality, including whether audit committees should have a more direct line of contact with audit regulators.

Audit quality is an even bigger concern outside the United States, where inspectors spot deficiencies at major network firms in 42 percent of the audits they check.