The six largest audit firm networks have agreed with international audit regulators on a new initiative to achieve a measureable reduction in audit deficiency findings by 2019.

The move comes in response to persistent levels of deficiencies in public company audits by the six largest audit firm networks. A report released last week by the International Forum of Independent Audit Regulators found the pace of improvement is too slow at the firms. Established in 2006, IFIAR comprises independent audit regulators from 50 jurisdictions, including the Public Company Accounting Oversight Board in the U.S.

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