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The PCAOB's Primary Mission: Improving Confidence in Financial Reporting by ProQuest

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In an interview, Public Co Accounting Oversight Board (PCAOB) Member Bill Gradison talked about a variety of issues facing the PCAOB and the accounting profession. Because of his years as a general partner of a small New York Stock Exchange firm, he's accustomed to thinking about issues in terms of investors, smaller retail investors in particular. He said quantifying the savings from tighter internal controls is extremely difficult, and quantifying the costs is much easier than quantifying the benefits. He thinks that from the perspective of at least some issuers, particularly those that have operations around the world, the benefits come from putting their accounting on a common basis, although this is easier said than done. Most directly, they are involved and active in the International Forum of Independent Audit Regulators, a relatively new organization made up of organizations like the PCAOB, which are independent from the profession and who in general register and inspect auditors.

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