The Public Company Accounting Oversight Board heard from members of its Investor Advisory Group that they should be looking more closely at auditing firms to see what role they played in the financial crisis.
At the meeting Wednesday, Barbara Roper, a member of the group who also serves as director of consumer protection at the Consumer Federation of America, said, “Auditors failed to perform their basic watchdog function in the financial crisis,” according to
In one
Skepticism seems to be spreading among investors about audit reports. The advisory group found in another
The PCAOB is looking into revamping the format of the auditor’s report to make it more useful and informative. That sounds like a good idea so the watchdog can start barking again before the next financial crisis happens.