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Are PCAOB Registered Audit Firms trained to be legal investigators?

Updated: Sep 11, 2023

Erica Williams, PCAOB Chairperson, offers a unique perspective on the world of regulating audit firms, drawing from her limited background: undergrad in sociology, an attorney with litigation experience and no prior training or experience in financial auditing. She expresses her belief that audit firms should assume the role of investigators for regulators under the proposed NOCLAR standards and rules. She should be emphasizing that the primary focus of audits should be on the accuracy of financial statements and the processes involved in their preparation.

I know and argue that well-informed investors understand that auditors provide an opinion on the presentation of financial figures, and there's no need for shareholders or potential investors to incur additional costs for auditors to act as an extension of regulatory bodies like the PCAOB.

I suggest that if Ms. Williams is passionate about reporting noncompliance to authorities, she might consider reporting her last client, President Biden, for any noncompliance she was involved with at the White House.

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