Sound Bites From Around The Profession - Audit Reform - PCAOB
AccountingWEB presents our favorite funny, quirky quotes of the year to give you a good feeling for the debates and discussions that have gone on around the accounting profession in 2003 related to the Public Company Accounting Oversight Board.
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- "If you depart from those expectations -- that is, if you break the rules, if you ignore the spirit of the law even while meeting the letter -- woe be unto you. There will be consequences, and they will be grave," PCAOB head William McDonough tells an audience of the New York State CPA Society. FULL STORY
- "Maybe what we ought to do is have a board of accountants to oversee the accounting oversight board, so we have some people who know something about numbers," said Peter Wallison, a resident fellow at the American Enterprise Institute, after a bookkeeping error was made by the PCAOB on fees that it is charging foreign companies. FULL STORY
- "I just don't know what somebody frankly was smoking when they said he could do this." Former FASB Chairman Dennis Beresford on the initial decision by the PCAOB to allow its newly named chief auditor, Douglas Carmichael, to continue serving as an expert witness in cases against accounting firms. FULL STORY
- "To fall behind, you have to have something to fall behind from .... We never had exactly clear what we were going to do in inspections," Charles Niemeier, acting head of the PCAOB, in response to criticism that the board was behind schedule in inspections of public accounting firms. FULL STORY
- "It's really just pandering to the public and the politicians," said David Gourevitch, a former New York prosecutor and ex-SEC enforcement lawyer on the proposal by the PCAOB to make public prior misdemeanor offenses of public company auditors. FULL STORY
- "Mutual cooperation is important, not mutual infringement," a representative of Japan’s Financial Service Agency told the PCAOB, on the insistence that foreign firms will have to register with the Board. FULL STORY