Who will audit the auditors?

The Public Company Accounting Oversight Board (PCAOB) has adopted a new rule--one mandated by Sarbanes-Oxley Section 102 (d)--that will require audit firms to file an annual report providing basic information with a description of audit reports from the past 12 months, disciplinary information and data about client fees. As noted by CFO.com, here's the rub: they, themselves, will not be audited. The rule must first be approved by the Securities and Exchange Commission. The board must strike a fine line between living up to the principles set forth in Sarbanes-Oxley and imposing an overly onerous reporting burden. Still, you have to wonder how it will ensure the integrity of 1,800 reports. I assume that random checks and PCAOB reviews (if not actual audits) will take place. We may get more information as guidance is made available.

For more:
- here's the article