The U.S. corporate audit industry's watchdog on Tuesday proposed a new standard to identify and correct problems in audits before they are issued, a step meant to strengthen the quality of audits.
The Public Company Accounting Oversight Board said its new standard would give auditors of public companies such as PricewaterhouseCoopers [PWC.UL] and Deloitte & Touche [DLTE.UL] a framework for conducting their own reviews of their audits.
The PCAOB was set up by Congress in 2002 to police auditors after a wave of accounting scandals, such as the implosion of Enron Corp. T
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