WASHINGTON: A top U.S. accounting watchdog has brought only 18 enforcement actions and levied just US$6.5 million in fines against the Big Four accounting firms in its 16-year existence, according to a study published on Thursday .
But the agency has only brought 18 enforcement cases related to 21 audits against the Big Four. The Big Four audit 99 per cent of companies in the S&P 500, according to POGO. Thursday's study comes after a long-anticipated shake-up at the regulator in January 2018 that led to the replacement of James Doty as the chairman and the appointment of four new board members. Unlike many other agency roles, the chairman of the PCAOB does not require confirmation by the Senate.
"Exercising financial penalties against these firms might be the only way to get this industry on track. By failing to hold the Big Four accountable, the board is putting all Americans’ financial futures in jeopardy."
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