When accounting goes unaccounted for
At the Wall Street Journal's CFO Network event yesterday, a nameless CFO asked SEC Division of Corporate Finance, Keith Higgins, “What gives with the PCAOB? Do they really mean to be slow and not transparent?”
Although Mr. Higgins acknowledged that, "We've heard that concern," the correct answer is, "Yep! That's how audit firm lobbyists designed it!"
[MW]
While there is a consensus that the PCAOB’s existence has improved audit quality, it is […]
The dynamics at both the PCAOB and the Big Four are horrible. The incentive at the Big Four is to keep prices down to the point at which it’s impossible for a new entrant to break into their charmed group; after all, if it means they end up cutting corners, the worst that happens is that they get gummed by the toothless PCAOB. [Felix Salmon/Reuters]
This morning the PCAOB held their open meeting to discuss "Proposed Auditing Standards Regarding the […]