Back in October, the PCAOB officially proposed that audit partners be required to slap their name on the audit report of clients that register with the SEC. For those inside the profession, this proposal isn't exactly popular, as that would put a specific name and a specific face with audit failures. In other words, no one wants to be held personally accountable. I guess that's understandable. It's not like auditors are professionals with any kind of responsibility to the public or anything. REGARDLESS! Senator Carl Levin (D-MI) is a fan of the proposal for all sorts of reasons and sent a letter to the Board letting them know that he's got their back.
Not to worry, Carl has his reasons including, among others, improved audit quality and strengthened audit transparency:
Carl would also like, while you're at it, for audit partners of all engagements to be submitted in the annual report to the PCAOB, something that isn't currently required. That's all. Oh! Actually is in favor of the proposal for "third party audit participants" to be named too. That's all.
