TAP Real Estate Technologies Inc (RWAX)

[ListenToTheTrees]

I stopped reading when the first word was wrong. You guys continue to cherry pick one side without looking into your own rebuttal.

The PCAOB loves to position itself as the guardian of audit quality, but let’s be honest, it’s been wrong. Repeatedly. For an agency built to restore public trust after massive accounting scandals, it’s done a questionable job holding powerful audit firms accountable. It’s spent years nitpicking smaller players while giving the Big Four a slap on the wrist, even when they’ve been caught failing on high-profile audits.

Its enforcement track record? Weak. Disciplinary actions take years, and even then, the consequences are often minimal. Meanwhile, companies blow up, investors get burned, and the PCAOB shrugs and quietly updates a redacted inspection report. For an oversight body, it sure seems allergic to transparency.

Let’s not forget how out of touch it’s been. The board has dragged its feet updating standards to reflect the reality of today’s markets, things like tech risk, AI in audits, or ESG disclosures. While the world changed, the PCAOB kept pretending everything could be solved with an Excel sheet and a checklist.

And when the SEC cleaned house in 2021 and replaced the entire board, it was basically an admission that the PCAOB had lost its way. So yeah, the PCAOB has been wrong, on priorities, on enforcement, and on transparency.