SEC boosts auditing standards to safeguard investors, room for improvement remains.

TLDR:

SEC’s new rule on auditing standards, approved by PCAOB, will provide greater protection for investors. However, there are concerns that the rule does not go far enough in ensuring high-quality audits, transparency, and accountability. Better Markets urges the SEC and PCAOB to continue seeking further improvements.

Stephen Hall, Legal Director and Securities Specialist at Better Markets, emphasizes the importance of quality control standards in the auditing process, as they play a crucial role in ensuring accurate and complete financial statements from public companies. While the PCAOB’s new rule is a step in the right direction, it is believed that stronger standards are necessary to address deficiencies in the audit process and prioritize audit quality, transparency, and accountability.

Better Markets, a non-profit organization founded in the aftermath of the 2008 financial crisis, advocates for financial reform and policies that support a stronger and safer financial system for all Americans.