SEC approves new PCAOB Quality Control Standard QC 1000
The new standard is designed to drive registered public accounting firms to significantly improve their quality control systems.
The SEC just approved new accounting standards set by its auditor watchdog agency, the Public Company Accounting Oversight Board (PCAOB) as part of an effort to address concerns about a prevalence of poor quality audits.
The five-person Commission voted 3-2, with the Republican members objecting to what they said was a