NEW YORK, Nov. 22 (Xinhua) -- Large accounting firms will have to submit financial statements annually to the U.S. audit regulator for the first time, among new requirements that have faced pushback from auditors but have received support from many investors, reported The Wall Street Journal (WSJ) on Friday.
The Public Company Accounting Oversight Board on Thursday voted 4-1 to bolster the rules around firms' reporting annually and for special circumstances, such as a filed lawsuit or private-equity investment. The U.S. audit watchdog also voted 4-1 on a separate rule to require hundreds of firms to publicly disclose a set of eight metrics, ranging from auditor turnover to partner involvement, and work experience.
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