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Accounting regulators had a climate of fear and distrust, the report said.

According to an official report commissioned by the Securities and Exchange Commission but subsequently kept secret, a failed overhaul by the government’s audit regulators “fear and distrust among staff” leading to whistleblower claims and the expulsion of the chairman of the board. “Environment” has been enhanced.

A January report by former SEC Chair Harvey Pitt has a deeply exposed department within the Public Company Accounting Oversight Board that oversees audits of companies worth a total of trillions of dollars.

It also claims tissue dysfunction. There is no documented record of the rationale for the dismissal of some staff, and the report found that confusion about the role of PCAOB board members “produced some dysfunctional behavior” by them.

This month, new SEC Chair Gary Gensler has expelled William Duhnke from PCAOB Chair and is in the process of replacing the remaining five committees.

A PCAOB spokeswoman did not immediately return a request for comment. A SEC spokesman declined to comment. Duhnke said he couldn’t comment because he hadn’t seen the report.

Accounting regulators had a climate of fear and distrust, the report said.

Source link Accounting regulators had a climate of fear and distrust, the report said.

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