Senators ask the PCAOB how the FTX mess happened right under auditors’ noses.
Warren and Wyden mentioned Williams’ statement that PCAOB registered firms are only required to meet the board’s standards “when they’re auditing a public issuer or broker dealer under our jurisdiction, not for any other clients” and pointed out PCAOB rules that seem to contradict Williams’ statement.
The reason for their discussion of a process that is explicitly not subject to PCAOB oversight became clear in the 12 questions posed by the letter. They asked in their first question: “What risks do investors face when crypto firms – whether publicly traded or private – attempt to pass off proof-of-reserve examinations as ‘audits’ and what is the PCAOB doing to mitigate these risks?”
Warren and Wyden went on to seek confirmation that the PCAOB had taken all appropriate actions in relation to crypto industry auditors. They also ask if Williams will “commit to using your inspection authority to evaluate and publicly report on auditors that provided services for any crypto company acting as a broker dealer, even if the firm was not registered as such with the SEC.”
Finally, the senators asked about the standards auditors are held to when they audit organizations with crypto asset holdings or shares in crypto companies. They said that they hope to receive an answer by Feb. 8.
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