Earlier this year, the Public Company Accounting Oversight Board came out with a proposal requiring engagement partners to personally sign corporate audit reports.

The PCAOB writes: "A requirement for the engagement partner to sign the audit report could improve audit quality in two ways. First, it might increase the engagement partner's sense of accountability to financial statement users, which could lead him or her to exercise greater care in performing the audit. Second, it would increase transparency about who is responsible for performing the audit, which could provide useful information to investors and, in turn, provide an additional incentive to firms to improve the quality of all of their engagement partners."

The PCAOB says it's in line with Sarbanes Oxley where the company's top honchos have to certify that the accounts are fair and true.

But as WebCPA reports, auditors are now saying it will increase costs and risk of litigation. Grant Thornton has even warned it will subject to lynch mobs of angry investors. "The publication of the engagement partner's name could generate indefensible press coverage that will likely negatively affect his or her reputation even if the audit is later determined to be sufficient," Grant Thornton said.

The problem with all this is that auditors are required to give their autographs in Europe. It has not resulted in massive litigation, increased costs and lynch mobs.

The response to the PCAOB's proposal confirms one thing: US auditors do not want to be held accountable and they'll fight it every step of the way. Screw the investors!