September 23, 2005
Changes at PCAOB
The PCAOB has been taking some heat lately to their aggressive approach to audit firm inspections. With Donaldson and now McDonough leaving, it sure looks like people are being thrown under the bus! These are some really talented people who did their jobs too well.
An excerpt here:
McDonough Steps Down from PCAOB
Washington (Sept. 23, 2005) - William J. McDonough, chairman of the Public Company Accounting Oversight Board, announced that he will resign on Nov. 30 or when his successor is put in place, whichever occurs sooner.
In a statement, McDonough, 71, said that his health is fine and he does not intend on retiring. "I have a wide range of interests in corporate governance, finance and international affairs, and will explore one or a variety of activities in those fields," McDonough said.
McDonough had taken over the helm of the regulatory body in June 2003 and led the agency's staff of almost 400 through much of its work overseeing implementation of the Sarbanes-Oxley Act. The five-member Securities and Exchange Commission will appoint his successor.
Calling the PCAOB a "vibrant institution," McDonough said in his statement, "The supervisory process that we have adopted is working well, implemented by the adoption of auditing standards that make sense and an inspection process that helps auditors realize they must improve their practices to win back the support of the public. The firms know that public confidence is won most quickly and effectively through their own efforts, helped and prodded when necessary by the PCAOB." For complete article, click here.
To learn more about how your company can effectively comply with Sarbanes-Oxley see www.issuescentral.com to learn more about Compliance Playbook(tm)
An excerpt here:
McDonough Steps Down from PCAOB
Washington (Sept. 23, 2005) - William J. McDonough, chairman of the Public Company Accounting Oversight Board, announced that he will resign on Nov. 30 or when his successor is put in place, whichever occurs sooner.
In a statement, McDonough, 71, said that his health is fine and he does not intend on retiring. "I have a wide range of interests in corporate governance, finance and international affairs, and will explore one or a variety of activities in those fields," McDonough said.
McDonough had taken over the helm of the regulatory body in June 2003 and led the agency's staff of almost 400 through much of its work overseeing implementation of the Sarbanes-Oxley Act. The five-member Securities and Exchange Commission will appoint his successor.
Calling the PCAOB a "vibrant institution," McDonough said in his statement, "The supervisory process that we have adopted is working well, implemented by the adoption of auditing standards that make sense and an inspection process that helps auditors realize they must improve their practices to win back the support of the public. The firms know that public confidence is won most quickly and effectively through their own efforts, helped and prodded when necessary by the PCAOB." For complete article, click here.
To learn more about how your company can effectively comply with Sarbanes-Oxley see www.issuescentral.com to learn more about Compliance Playbook(tm)
