Those expecting (or hoping) that the Public Company Accounting Oversight Board would unearth scathing details about the evil underworld of the Big Four firms in its inaugural reports on its inspections were probably disappointed.

That's because the long-awaited reports, revealed last week, were accompanied by politically correct remarks about the board's confidence in the behemoths of the audit world and caveats about the limits of its initial inspection process. Well, what else did you expect?

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