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Investors urge PCAOB to collect audit firm financials

Tammy Whitehouse | October 31, 2017

In a largely symbolic gesture meant to emphasize its importance, an investor panel voted to recommend to the Public Company Accounting Oversight Board that it should collect audited financial statements from registered audit firms.

The PCAOB’s Investor Advisory Group is not a rule-making body, having no authority to require the PCAOB or any other agency to do anything. Yet it unanimously consented to a member’s motion advising the PCAOB to take whatever measures might be necessary to compel audit firms to submit audited financial statements for regulatory review. 

“The governance of the audit firms being of such critical importance to the economy, it’s vital that the regulator have access to financial information necessary to perform its role,” said Anne Simpson, investment director at the California Public Employees’ Retirement System, at the...

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