Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Lawmakers Propose Audit Watchdog Disciplinary Work Go Public

Nov. 18 (Bloomberg) -- The U.S. regulator of auditors would take its disciplinary process public under a bill introduced in the Senate today.

The bill sponsored by Senators Jack Reed, a Rhode Island Democrat and member of the Senate Banking committee, and Chuck Grassley, an Iowa Republican on the Finance committee, would allow the Public Company Accounting Oversight Board to issue orders and conduct disciplinary hearings in public when accusing accounting firms of missteps. Under the current rules the disciplinary actions are private until final resolution.

Members of the oversight board have sought to make the process public, in line with how the Securities and Exchange Commission operates.

“Investors and companies alike should be aware when the auditors and accountants they rely on have been charged or sanctioned for violating professional auditing standards,” Reed said in a statement. The PCAOB is supervised by the SEC and funded by the U.S.-listed companies being audited. The board oversees more than 2,400 accounting firms.

Since it was established by the 2002 Sarbanes-Oxley Act, the PCAOB has resolved 38 enforcement actions, according to Colleen Brennan, a spokeswoman.

To contact the reporter on this story: Jesse Hamilton in Washington at

To contact the editor responsible for this story: Lawrence Roberts at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.