Reimagining Public Company Auditing Regulation: A Framework for Auditing Oversight
提出重组PCAOB职责，设立独立专家审计准则制定机构、改进检查流程并仅由SEC执法，以提升审计质量并降低多重准则制定者、政治风险和交叉风险。
SYNOPSIS Complementing and extending an earlier analysis by Glover, Prawitt, and Taylor (2009), we propose a realignment of Public Company Accounting Oversight Board (PCAOB) responsibilities to promote independent, expert oversight of the auditing profession while mitigating issues of multiple auditing standard setters, political risk, and “crossover risk” (where auditing standard-setting may be conducted informally through inspections and enforcement). Specifically, we call for: (1) a single “FASB-style” independent and expert auditing standard setter for both issuers and nonissuers operating under the Financial Accounting Foundation (FAF); (2) a continuation of audit inspections by the remaining portion of the PCAOB, with certain enhancements to the inspections process to focus more squarely on improving audit quality; and (3) enforcement only by the Securities and Exchange Commission (SEC). We hope policymakers will consider the insights of Glover et al. (2009) and our updated framework.