- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-01-27T20:18:00
A pair of Democratic senators called on the Public Company Accounting Oversight Board (PCAOB) to address so-called “sham audits” of cryptocurrency companies by registered auditors in the aftermath of the collapse of FTX.
Sens. Elizabeth Warren (Mass.) and Ron Wyden (Ore.) raised concerns with the PCAOB about the “independence and methodology” of audit firms doing work for cryptocurrency companies, urging the regulator to “ensure auditor accountability and the credibility of the auditing system.”
“When PCAOB-registered auditors perform sham audits—even for firms that may lay outside of the PCAOB’s jurisdiction—they tarnish the credibility of the PCAOB and undermine confidence in the PCAOB-registered auditors that investors and the public rely on when making investment decisions,” wrote the senators Wednesday in a letter addressed to PCAOB Chair Erica Williams.
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Christy Goldsmith Romero of the Commodity Futures Trading Commission called out gatekeepers—lawyers, accountants, auditors, compliance professionals, and others—for failing customers in the unregulated cryptocurrency market.
A flurry of criminal and civil fraud charges laid against FTX founder Sam Bankman-Fried have pulled back the veil on the cryptocurrency exchange’s complete lack of internal controls and toothless risk management procedures.
The Financial Industry Regulatory Authority announced an examination sweep of retail communications by broker-dealers and their affiliates related to cryptocurrency asset products and services.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
