It's a rotten idea to fold the U.S. audit industry regulator into the SEC

That's because SEC is part of the problem with auditing, not the potential solution

I’ve authored an opinion piece, “Weakening the oversight of US auditing is a very bad idea,”published February 17 by the Financial Times.

The column says the PCAOB, created by the Sarbanes-Oxley Act of 2002 in response to the Enron failure and the collapse of its auditor Arthur Andersen, “has not been the most effective regulator, it must be said.”

That’s…