Bad Grades Are Rising for Auditors

As reported by the New York Times on August 23, 2012 by FLOYD NORRIS, it becomes clear that this is only one facet of the audit industry failure. This is a really disturbing news report supported by a recent report of the PCAOB. It is an alarming report not only for the regulators in the USA, but also to each country's regulators regarding the audit industry in each respective country. 

It is globally accepted that once the public no longer trust the output of an auditor, the auditor or the audit firm loses any justification to continue in business. Should not each country have a regulatory agency that is mandated to do a similar work like that of the PCAOB? I think the answer is yes it should. In my opinion, corruption is one reason, among others, that prevents too many countries from devoting sufficient and  appropriate attention to the audit profession despite the strategical value of this industry.