PwC says audit rules raise costs, cut quality
International accounting rules designed to stop auditors getting too close to their clients and prevent the next corporate collapse are instead cutting the quality of company audits while increasing costs.
That's the view of Bob Moritz, the global chairman of PwC, who said "firm audit rotation", which is mandatory after a specific time for companies in the European Union and other countries such as South Korea, is having a host of unintended consequences for accounting firms.
Read the full article on the Australian Financial Review.
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