ClusterSeven: Chain Reaction of PCAOB and SOX on Enterprises

Auditors are under fire and some are facing penalties in the millions of dollars from the Public Company Accounting Oversight Board (PCAOB) for audit failures and violation of the Board’s quality standards to enforce Sarbanes-Oxley (SOX) compliance by companies. This is creating a chain reaction with finance departments possibly bearing the brunt of it. Anecdotal evidence suggests that many CFOs – who are already under pressure to reduce costs and make efficiency improvements in their