Duh of the Day: One in Three Audits Fail, Per the PCAOB

Lodi dodi, we likes to party, we don't cause trouble, we don't bother nobody.

This comes from Emily Chasan via CFO Journal:

More than one in three audits inspected by the U.S. government’s audit watchdog were so deficient the auditors shouldn’t have signed off, an official said this week.

Why do I feel like we know this already? More importantly, what's anyone going to do about it? After a certain number of disappointing PCAOB inspection reports, a reasonable person has to wonder what the hell everyone is doing.

Why not just throw our hands up and go home?

 

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