The investor community is pressing the SEC to overhaul its financial reporting infrastructure as well as the PCAOB and FASB (overseen by the SEC), saying the watchdogs “are too lenient towards businesses and the accounting and auditing industry, especially the Big Four firms, that serves the businesses at the expense of investors who provide the capital,” according to an article in Accounting and Compliance Alert. In a letter to SEC Chair Gary Gensler, 34 individuals and organizations urged the commission to make the three entities more investor-centric, pointing out that accounting firm partners or corporate finance executives have been well represented at the FASB and the PCAOB and partners of Big Four firms have dominated the top positions in SEC’s Office of Chief Accountant (OCA). Strong investor advocates have not been as well represented, which has been reflected in their work, especially in recent years, the letter says. A full-scale overhaul is already underway at the PCAOB with the SEC’s removal of its chairman a few weeks ago and a plan to replace the entire board.