Ed. note: We received the below letter from an anonymous PCAOB employee who is trying to blow the whistle on what they perceive to be excessive waste and inefficiency at the audit regulator, the gory details of which are described thoroughly in the letter. It has not been edited and is published here on the heels of the PCAOB’s recent approval of a 12.6% budget increase. Feel free to discuss in the comments.~AG
A variation of this letter, with now outdated information, was sent to members of the Subcommittee on Oversight and Investigations, the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, and to the Ranking Member on September 12, 2022, with no response. These members were chosen due to the fact they previously sent letters to the PCAOB and introduced legislation regarding its oversight.
I write as a whistleblower employee of the Public Company Accounting Oversight Board (PCAOB) to share my concerns about what I perceive are operating inefficiencies as it relates to excessive and wasteful spending. While most of what I am sharing here is not illegal or nefarious, I believe it reflects a mindset that willfully disregards the expectation that the PCAOB be responsible stewards of the funds collected from our issuers. The specific issues I wish to raise include observed operational and budget inefficiencies; spending for empty and under-utilized offices; spending for duplicative staffing; and data security.
I have raised these concerns with our...
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