Borgers was not the only audit firm banned from doing public auditing work. The PCAOB revoked the registration of at least six audit firms in 2023 and the first half of 2024.
This will also be a problem for the broker-dealer and investment adviser audit clients of the de-registered firms. Those non-issuer financial statement filers probably have the option of presenting single year financial statements (avoiding re-audits) but still....
This will also be a problem for the broker-dealer and investment adviser audit clients of the de-registered firms. Those non-issuer financial statement filers probably have the option of presenting single year financial statements (avoiding re-audits) but still....
Absolutely. The audit market for BD is a little less concentrated, so perhaps it would be easier to find a new auditor. But otherwise, similar issues.