Auditors need to do more to demonstrate the quality of their audits and, in particular, the independence of their views, according to the chair of the US Public Company Accounting Oversight Board (PCAOB). Delivering the annual lecture at ICAS, PCAOB chair, James Doty, said the audit market 'flirts with stagnation', and that many companies 'consider the audit an obligatory compliance function, best obtained at the lowest cost'.
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