U.S. investors have finally joined shareholders, regulators, and legislators in the UK to demand one more crisis question be answered:
Where were the auditors during the financial crisis?
The Public Company Accounting Oversight Board (PCAOB), the U.S. accounting and audit industry regulator created by the Sarbanes-Oxley Act of 2002 in the aftermath of the Enron scandal, convened an Investor Advisory Group (IAG) last year to explore issues of interest to the Board’s primary constituency – investors. At a public meeting two weeks ago, the (IAG) presented reports on three issues:
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