Who’s afraid of the Public Company Accounting Oversight Board? Banks and other financial institutions should be, even though the PCAOB regulates their auditors and not them.
American Banker-
Unlike banks, which have had federal and state regulators looking over their shoulders for more than a century, the Big Four accounting firms are still not used to having a truly disinterested party auditing their audits. Before the Sarbanes-Oxley Act, the audit industry was largely self-regulated through peer reviews coordinated by the AICPA, a trade group.