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Insight - Good Hard Look.
(From Financial Director)
The conduct of US accounting firms is about to go under the microscope.
An independent body, set up to tighten accounting standards as well as restore confidence following the string of corporate scandals that outraged investors, is about to start full-blown inspections of firms.
The organisation, the Public Company Accounting Oversight Board (PCAOB), is a private sector, non-profit corporation created by the Sarbanes-Oxley Act of 2002. The PCAOB will focus on efforts to detect fraud, the adequacy of documentation, the evaluation of firm risk assessments and compliance with professional auditing and accounting standards. In addition, it will establish quality control standards and ethics standards to be used by registered public accounting firms to prepare and issue audit reports, as required by the Sarbanes-Oxley Act.
Charles Niemeier, board member of the PCAOB, emphasised that the new inspections in 2004 will expand to more firms. The PCAOB will get the full-blown investigations into gear starting in the May-June timeframe.
According to Niemeier, the investigators will be focusing on how clients are selected and how they are let go, as well as communications within audit practices and procedures, and the supervision of US teams and their non-US affiliates.
"There will be guidance for the investigators so they will know what and where to focus on," he said. "The authority is clearly laid out and the conduct inspection is one of our most important powers," he said.
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