Don't get me wrong.
I'm thrilled that there's a lot of traffic in my lane.
What I mean is, it's good for everyone that we're talking about these issues
and that someone other than me and a few other broken records are playing these tunes.
Fairly new PCAOB Chairman Jim Doty and his fellow board
members have been on the road constantly since the three newest members - Doty,
Ferguson and Hanson - took their seats in February. And they're not letting up
on the auditors and thier firms.
Every speech is laced with lessons, examples, and promises of more to come.
Some key areas of focus:
There's been significant activity in many of these areas.
In fact, Board member Lew Ferguson is currently in China with
representatives of the SEC to discuss opening up that country to PCAOB
But whenever talk of audit industry reform comes up, usually after the latest
accounting scandal or major fraud, the same old suggestions come up again, too.
The global financial crisis set in motion, again, the
soul searching that occurs every ten years or so in the audit industry. It's
been almost ten years since the Enron scandal bred the Sarbanes-Oxley legislation
that was supposed to be the "be all end all" for auditor failures and to
prevent frauds and failures of all kinds.
But, of course, this wasn't the case.
Read this article in its entirety at the re: The Auditors, a blog
by Francine McKenna.