Auditing firms can expect enhanced inspections, strengthened enforcement and higher penalties, says Public Company Accounting Oversight Board Chair Erica Williams.
The board announced the launch of its new Technology Innovation Alliance working group, meant to advise the audit overseer on issues with emerging technology.
The Public Company Accounting Oversight Board proposed significant changes in the requirements for firms' QC systems, modernizing standards in place for decades.
Officials from the Public Company Accounting Oversight Board and the Financial Accounting Standards Board discussed their work on upcoming auditing and accounting standards as they adjust to changing agendas and expectations.