Many participants believed that the PCAOB's most immediate priority should be implementing a disciplinary process to let the public know that failed auditing will be dealt with and trust can be restored.
There has been a sharp increase in the amount of failed audits over the last two years. 
mnli hypothesis: There has been a sharp increase in the amount of failed audits over the last two years.  premise: Many participants believed that the PCAOB's most immediate priority should be implementing a disciplinary process to let the public know that failed auditing will be dealt with and trust can be restored.