On March 16th, PCAOB Chairman James R. Doty said the Board is investigating audit failures involving "substantial financial institutions," some of whom either failed or received federal assistance during the financial crisis. The investigations may lead to disciplinary proceedings by the PCAOB and/or the SEC. Doty made the remarks at the PCAOB's Investor Advisory Group Meeting. Doty Remarks. See also Meeting Website (with links to prepared remarks and presentations). Reuters reported the remarks made by other participants at the meeting. Some called for an examination into why auditors failed to identify warning signs of financial difficulty while others suggested auditor rotation and greater transparency may be necessary. Comments.