The Public Company Accounting Oversight Board is seeing signs of progress on audit quality in its inspections.
“We’ve seen the large firms dedicate significant resources toward remediating deficiencies and improving quality control systems,” said PCAOB board member Jeanette Franzel during a speech Thursday at Baruch College’s financial reporting conference in New York. “To varying degrees across the large firms, we’ve also seen improvements in tone at the top, coaching and support to audit teams, training and monitoring of quality. And, in the smaller firms, we’ve seen many firms doing high quality work and taking their responsibility for audit quality very seriously. The bottom line is that, for the most part, we’ve seen a focus on audit quality backed by actions and resources.”
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