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Abstract: 

In this article, the authors discuss the crisis of confidence around the role of auditors in U.S. public reporting and promising signs that securities regulators are looking to restore the quality and integrity of the independent audit. The authors begin by addressing recent public rhetoric about audit enforcement by regulators. They then turn to enforcement actions and other developments indicating that regulators are following through with increased activity. They also note progress on addressing audit quality of China-based audits. Finally, they close by discussing the SEC’s recent submission to the Second Circuit Court of Appeals asserting the continued importance of the independent audit to investors.

Keywords: “Building a culture of challenge in audit firms”; Karthik Ramanna; Public Company Accounting Oversight Board; AmTrust; New England Carpenters Guaranteed Annuity and Pension Funds v. Decarlo

Affiliations:  1: Bernstein Litowitz Berger & Grossmann; 2: BLBG; 3: BLBG.