Would this ever be viable? So there is an inherent conflict of interest and independence issue with the current structure of public audits (company paying auditor directly, which incentivizes contd

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Maybe KPMG has a chance of winning work then. But nah, sounds like too much intrusion into the markets

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Oi u wot m8?

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OP I’ve had this thought many many times which led me to question everything auditors do. To me, none of it is real. It’s all just a big money making scheme. At the end of the day, you’re right, there is no independence and it all boils down to keeping clients happy. If the client isn’t happy, they’ll fire the firm and hire a firm that’ll agree with them. I left public to do something that makes more sense to me. But look up articles online, many people have touched on this. I think there’s an article somewhere called “Who Pays The Auditor” or something to that effect. It’s interesting.

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No thanks. I like getting paid a decent salary

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Auditor to minimize issues and keep client happy). What about structure where public companies all pay a general audit fee to SEC or PCAOB and they perform audits free of conflicts?

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That way the companies wouldn’t be paying auditors directly and there is less issue with keeping the client happy but rather keeping the regulators happy and performing quality work to keep getting jobs from them

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OP you are not the only one! I had this crazy idea before too. Never makes sense to me how we are independent when we get paid by the clients.

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OP my old SM used to talk about how he thought public auditors would get to the point where they are hired by the government and required to work on the same client.

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I know it sounds crazy trying to get rid of public accounting audits, but SEC or PCAOB could outsource the work to big 4 and other firms.

I’m rambling lol, maybe audit isn’t for me

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