.SenWarren and SenatorRonWyden teamed up against “sham” crypto audits, pressuring the U.S. auditing watchdog, the PCAOB_News, to crack down. jesseahamilton reports
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.Sen. Elizabeth Warren and another prominent colleague urged the U.S. auditing watchdog to take action against “sham audits” of crypto companies, citing the contribution of such audits to the recent stresses in the U.S. banking system.
The Public Company Accounting Oversight Board , which is authorized and overseen by the U.S. Securities and Exchange Commission and funded by audited public companies, acknowledged the potential problem with crypto auditing to the lawmakers, including Sen. Ron Wyden , chair of the Senate Finance Committee.
PCAOB Chair Erica Williams said she’s concerned when the auditors her organization oversees “perform ‘sham audits’ – even for entities whose audits generally fall outside of our jurisdiction,” as she wrote in a February“Unfortunately, the PCAOB faces statutory limits when it comes to regulating the audits of certain cryptocurrency companies,” Williams wrote.
Warren, who is on the Senate Banking Committee that oversees the SEC and will be instrumental in crafting crypto legislation, and Wyden argued the board does have more legal reach than it’s letting on and can act with “broad responsibility to protect the integrity of the auditing system,” according to a“Given that the ongoing use of sham audits of crypto firms conducted by PCAOB-registered auditors mislead the public and threatens the integrity of that auditing system – and we now know,...
Earlier this month, the PCAOB’s inspector general had also recently issued a warning that crypto companies’ reserve reports were often based on untrustworthy information – not genuine auditing.
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