Corporate Governance

CFA Urges PCAOB to Revise Proposal on Quality Control Standards

In the letter to the Public Company Accounting Oversight Board (PCAOB), CFA’s director of investor protection, Micah Hauptman, and financial services counsel, Dylan Bruce, expressed concern that proposed revisions to audit quality standards would not hold audit firms to a sufficiently rigorous standard. They stated: “We urge the PCAOB to revisit its approach and to reexamine how its Quality Control Standard operates with regard to the objective, oversight, and transparency of firms’ quality control systems, so that the new framework would enhance the quality of audits substantially and meaningfully, thereby ensuring that investors can place their trust and confidence in the accuracy and reliability of public company financial disclosures.”