The One Big Beautiful Bill Act eliminates the Public Company Accounting Oversight Board. Is this good for the accounting profession? The PCAOB costs $400 million a year. Is it worth it? In this episode of the Earmark Podcast, I seek answers to these questions from three of the nation's leading accounting academics.
A small audit firm with only one CPA on the website takes on a multi-billion dollar client. The client turns out to be a fraud. And the auditor? They face a measly $65,000 fine, less than the fees they earned from the audit. It's a true story that David and I shared on The Accounting Podcast. And it's just the tip of the iceberg when it comes to the lack of accountability in the auditing profession.
