‘Independent’ Directors for the Audit Firms: Much Ado About Nothing”

You might as well be trying to save walruses from an oil spill in the Gulf of Mexico. The Big 4 audit firms’ response plans in the event of catastrophic litigation, if they exist, are likely cookie-cutter boilerplate, out of date, irrelevant and prepared by the same go-to defense lawyers that shill for them and repeatedly negotiate their settlements.

PCAOB Waiting For Godot: Reporting On Auditor Performance During The Financial Crisis

The PCAOB’s most recent summary of observations from their inspections process, Report on Inspection Observations of Auditing During the Economic Crisis, is a scathing report describing auditor failure during the crisis that mirrors, in many respects, the findings of the Audit Inspection Unit in the UK. In fact, the issues are quite similar and the firms’ stubborn refusal to acknowledge them is equally familiar.