July 21, 2018

charmed groups

Wanted: Full Set of Dentures for Auditor Watchdog

The dynamics at both the PCAOB and the Big Four are horrible. The incentive at the Big Four is to keep prices down to the point at which it’s impossible for a new entrant to break into their charmed group; after all, if it means they end up cutting corners, the worst that happens is that they get gummed by the toothless PCAOB. [Felix Salmon/Reuters]