September 25, 2021

Senator Carl Levin Wants Auditor Names

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.

Senate Letter to PCAOB

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

PwC Might Do Something No Other Big 4 Firm Has Ever Done Before

After years and years of PCAOB inspections of the Big 4 in which the percentage of audits of public companies that weren’t up to snuff have been in the 30s, 40s, and even 50s, we finally had a respectable audit report card earlier this year when Deloitte nearly had a single-digit deficiency rate in its […]

Audit Market Caps In the UK: The Financial Times Fails a Math Test

“The Glacial Pace of Audit Reform Needs To Speed Up” The Financial Times might wish to reconsider this headline, above its editorial of late last week. Global climate change considered, the metaphor may be more apt than intended, as the likely fate of the world’s glaciers is their tragic and accelerating collapse into muddy puddles amid massive fields […]