First BIG Change in Audit Report from PCAOB in 70 years!

https://ww2.cfo.com/auditing/2017/06/pcaob-auditors-report/

Specifically these words caught my attention in this article.

“institutions such as AIG, Lehman Brothers, Bear Stearns, Citigroup, and Washington Mutual all received clean opinions from their auditors despite reports of their being on the verge of collapse,”

Having been in audits of Public companies and looked at several issues and modified majority of the reports in the initial drafts, I used to imagine with my 2 fellow like minded friends, 'how could all the world's giant companies' auditors' reports be so clean, there are no issues what so ever and everything sounds obnoxiously smooth'? This statement in the article has reaffirmed our thoughts 12 - 14 years back. Auditors need to rise up to the occasion and diligently report matters to the benefit of the shareholders and public at large. They need to remember that they are being appointed by shareholders of the company. The integrity of the auditor needs to be kept at the forefront and not the 'next year audit' and 'client retention.'

Any comments are more than welcome!