CFTC Chairman Knows PFGBest Auditors Shouldn’t Have Passed GAAS

Gary Gensler, who may or may not be aware that PFGBest's auditor preferred to don jorts at the (home) office, is familiar enough with auditing standards to know there are certain ones that always need to happen:

Commodity Futures Trading Commission Chairman Gary Gensler told lawmakers on Wednesday that Peregrine Financial Group's outside auditors should have confirmed the now failed brokerage's bank balances. […] "The yearly certified public accountant has to use generally accepted auditing standards, and as I understand it, those auditing standards do require … the confirmation of assets," Gensler told lawmakers at a House Agriculture Committee hearing.

Of course if PFGBest isn't issuing press releases confirming the confirmation, how would anyone know?

Gensler-Peregrine's auditors should have confirmed bank balances [Reuters via Francine McKenna]

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