[IMGCAP(1)]Dec. 22, 2015, marked the 20th anniversary of the enactment of the Private Securities Litigation Reform Act. Enacted at the behest of accounting firms, the PSLRA was crafted to immunize accountants from securities fraud liability. The result over the last two decades has been a substantial erosion in the ability of investors to hold accounting firms accountable.

Does it surprise anyone that, with auditors no longer concerned about liability for conducting defective public company audits, the quality of those audits has deteriorated?

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