Bankers, Beware of Auditors Who Blow Off Their Regulator

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Bankers, Beware of Auditors Who Blow Off Their Regulator

Bankers, Beware of Auditors Who Blow Off Their Regulator

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.

[AMERICAN BANKER]

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