PCAOB Audit Issues
Recent noise from the PCAOB about reform reminds us of something we heard last year. Or was it the year before that? Or BOTH? It has been whispered that the new PCAOB chief is too much of an insider to really affect the change he claims to support and it is expected that nothing new will actually be delivered. However, with more enforcement of in-place regulations and certain interpretations of the regulations, the financial industry continues to feel beleaguered. The SEC is unhappy with the settlement from Morgan Stanley’s “bad trader” and Madoff’s victims are about to get their first checks.
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