A $36 Billion Hike in Audit Fees? Business Groups Bemoan PCAOB's Noncompliance Standard

Also, SEC moves to appeal Ripple ruling; Senate Democrats press Fed on bank mergers; Biden moves to curtail PE investments in Chinese companies

Is the PCAOB trying to turn accountants into lawyers?

The question is at the heart of a spirited (and growing) battle over a new standard the regulator has proposed that lays out how auditors should ensure companies aren’t committing fraud or engaging in other illegal activity. The plan, which was open for public feedback until this week, is drawing sign…