They would tell me that their audits added no value to their client. I have often heard the audit labeled a necessary evil, and audit firms labeled sticker shops. The fact is that during my nearly six years of audit experience, I never came across an auditor who told me that her or his motivation was to protect investors. I kept hearing that we were a sticker shop, the client hated us, and again that we added no value. I feel that the Securities and Exchange Commission's proposal to revise the rules of auditor independence will bring a renewed focus on our audit work, helping remind auditors of their true role in the financial community.
Auditors wish to serve their clients.
Let me repeat that because it needs to be heard by our profession. The client is a person in her or his relationship to an accountant engaged to act in its behalf. I think they do. I feel that if you disagree with this position, you simply should not be auditing. The investing public is the real audit client.