The US audit regulator is “reclaiming the voice of the profession”, according to its new chair. That makes some investors nervous.
The Public Company Accounting Oversight Board has historically been chaired by lawyers or career regulators. Congress designed it so that auditors were in a minority on the five-person board to ensure independence from a profession blamed for the Enron scandal and other accounting failures.
The appointment of Jim Logothetis in January therefore signalled a sharp change from the Biden-era PCAOB, which took accounting firms to task for a spike in the number of flaws its inspectors found in audit work.
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