PCAOB Chair Updates Congress on Progress
Public Company Accounting Oversight Board Chairman William McDonough appeared before the Senate Banking Committee for the first time on Tuesday to update the progress being made at the Board towards auditor oversight.
Overall, Mr. McDonough's report was very favorable as to progress of the board, and indicated that the accounting industry has been very cooperative thus far in working with the PCAOB in its efforts to reform the profession.
He praised the Committee for not merely judging the accounting profession, but also providing a mechanism through Sarbanes-Oxley to offer redemption. He indicated that the PCAOB is focused on facilitating that redemption of the profession's integrity.
Highlights of the testimony include: