A lone error in judgment could kill auditors’ careers under a proposal that would lower the bar for certain disciplinary actions, audit firms and other stakeholders warned the US accounting oversight board.
The proposed rule changes would have a chilling effect on the profession, curbing collaboration among audit leaders and team members while crimping interest in a field that has struggled to attract newcomers, auditors and business groups said in letters to the Public Company Accounting Oversight Board.
More than two dozen letters responded to a September proposal that would lower the liability threshold from reckless to negligent….
‘Enforcement 40’ for 2020
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