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Audit Watchdog Playing Defense

PCAOB continues to work on regulation that would require public company audits to name the auditors; SEC criticizes slow pace of rule-making.

By Dave Michaels, Bloomberg | Updated on February 05, 2015

The main U.S. accountant regulator vowed to press forward with a controversial plan to name the auditors of public companies that has been the focus of a five-year battle with industry.

The Public Company Accounting Oversight Board (PCAOB) plans in the coming months to reissue the proposal, which has been opposed by accounting firms that say it will make auditors a bigger target of lawsuits. PCAOB Chairman James Doty told members of the Securities and Exchange Commission (SEC), who approved his agency’s $250 million budget Wednesday, that the new measure should be more acceptable to the SEC and the audit industry.

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