Where are the real auditors?

The Public Company Accounting Oversight Board has issued its first report about the audits of brokerage firms.   Perhaps, the most common phrase in the report is "did not perform sufficient procedures".  Basically, the auditors did very little auditing. It's true the board did not look at many audits, only 23.  But it is pretty clear that the auditors flunked.  One of the primary jobs of these auditors was to ensure that consumers were protected.  They did not do a good job here.