Warren, Whitehouse Call Out Accounting Regulator for “Profoundly Troubling” Failures, “Unacceptable” Error Rates in Public Company Audits
Press Release
Issues: Monetary Policy
"[T]he findings of this new analysis reveal a nearly complete failure [by PCAOB], indicating that investors and the public essentially face a coin flip when it comes to whether they should believe and trust the results of public companies’ audits.
‘[T]his is the wrong conclusion to draw from an embarrassing and intolerable set of findings.
“The PCAOB must do better. …Either [auditing] standards are inadequate—or the PCAOB is failing to establish accountability for firms that do not meet them. These are unacceptable failures by the PCAOB."
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