General World News

Who audits the auditor? The White House wants to redraw oversight for the Big Four and other accounting firms, and some critics fear that could lead to more fraud.

FILE PHOTO: U.S. President Donald Trump holds a campaign rally in Colorado Springs, Colorado, February 20, 2020. REUTERS/ Kevin Lamarque/File Photo

  • The Trump administration wants to eliminate a panel that regulates accounting firms which vet the books of public companies. The White House says its aim is to eliminate duplication of effort. But critics say that would get rid of oversight that the industry needs.
  • The Big Four firms — PricewaterhouseCoopers, KPMG, Deloitte & Touche, and Ernst & Young — audit almost all large U.S. companies, and have recently had a spate of scandals, deficient audits, and other problems, critics of the Trump administration’s plan note.
  • Companies from General Electric to Under Armour to Mattel are facing accounting questions. PCAOB inspections have found read more >>>

    Source:: BusinessInsider.Com