Auditor Silence

American Institute of Chartered Public Accountants (AICPA) is circulating a draft white paper suggesting that "auditors remain silent during 'due diligence' meetings with underwriters before securities are sold to the public" reports www.webcpa.com.
This is outrageous and shows how the auditing community has lost its moral compass and common sense. Auditors are there to check for problems. If they find them they are supposed to point them out.
If they help pass one by an underwritier and foist a less than acceptable investment on the public then they are perpetrating a fraud.
The audit function is supposed to protect investors. During an underwriting process the investor as yet may not legally exist. so management has too much to say at this point.
Who really speaks for the investor?
Caveat emptor