January 28, 2005
Fold PCAOB into SEC?
Interesting concept to fold the PCAOB under the SEC after five years. Wasn't the thinking though that this should be separate, per Sarbanes-Oxley, so that not all power would be wielded by the SEC? They do a great job, but wouldn't it make more sense to have an organization who really understands the CPA industry focus there and be independent? Too much power in one place may not be a good thing.
An excerpt on this topic is here:
"Wallison Calls on Congress to Fold PCAOB
Washington (Jan. 28, 2005) - A critic from Washington-based think tank the American Enterprise Institute has called on Congress to terminate the Public Company Accounting Oversight Board within five years and fold the oversight body into the Securities and Exchange Commission.
In his recent paper, "Rein in the Public Company Accounting Oversight Board," AEI resident fellow Peter J. Wallison, former general counsel of the U.S. Treasury Department and White House counsel to President Reagan, urged Congress to "take steps to gain control of the PCAOB."
According to Wallison, "The simplest and most effective method would be to fold it into the SEC," with the board then serving as an advisory body on the development of rules and standards for auditing. "But at the outside, the board should be terminated within five years, the term of the board's members. In that period, it should be possible for the board to have made all the rules and established all the standards necessary to govern the business of auditing."
Click here for complete article.
To learn more about Sarbanes-Oxley Compliance Playbook(tm) click here www.issuescentral.com
An excerpt on this topic is here:
"Wallison Calls on Congress to Fold PCAOB
Washington (Jan. 28, 2005) - A critic from Washington-based think tank the American Enterprise Institute has called on Congress to terminate the Public Company Accounting Oversight Board within five years and fold the oversight body into the Securities and Exchange Commission.
In his recent paper, "Rein in the Public Company Accounting Oversight Board," AEI resident fellow Peter J. Wallison, former general counsel of the U.S. Treasury Department and White House counsel to President Reagan, urged Congress to "take steps to gain control of the PCAOB."
According to Wallison, "The simplest and most effective method would be to fold it into the SEC," with the board then serving as an advisory body on the development of rules and standards for auditing. "But at the outside, the board should be terminated within five years, the term of the board's members. In that period, it should be possible for the board to have made all the rules and established all the standards necessary to govern the business of auditing."
Click here for complete article.
To learn more about Sarbanes-Oxley Compliance Playbook(tm) click here www.issuescentral.com
