e-Book: Audit Committees: New Demands, Fresh Approaches
Several factors have combined to necessitate a serious rethink of the role of the audit committee, including its main responsibilities and reporting. Regulators, and to some extent investors, are pushing audit committees to provide more oversight on the risks companies face, including those outside the traditional financial reporting areas.
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Emerging technologies, like artificial intelligence (AI) and advanced data analytics, can improve audit quality in significant ways. As the regulatory overseer of public-company audits, the Public Company Accounting Oversight Board (PCAOB) has a critical role to play by ensuring that its audit standards evolve as the audit profession evolves.
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Continuing a Trump administration practice of firing independent regulators, the head of the Public Accounting Oversight Board has been sent packing.