In an interview, Charles D. Niemeier, acting chairman, PCAOB, talked about the effects of deregulation, the need for reform of financial reporting standards, and the ways that auditors are dealing with pressure from business lobby groups. Niemeier said the current crisis has expanded the need for the SEC to reconsider its direction. The current proposed approach is a by-product of what people were hearing a year ago -- the need for America to deregulate in order to be more competitive. That included a number of different initiatives, one of which was to reduce the requirements embedded in their accounting standards and move toward International Financial Reporting Standards. Recently, auditors have been taking some tough stands with their clients and insisting on certain changes, such as write-downs. In addition to the culpability of the accounting profession, there are other areas of the financial system that should be addressed.
An Interview with Charles D. Niemeier Public Company Accounting Oversight Boa... Mary-Jo Kranacher The CPA Journal; Dec 2008;
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