Free Article On General public Company Accounting Oversight Board
The post was written to address the problems that faced the General public Company Accounting Oversight Board in performing its regulatory duties. It specifically looks into the Enforcement and Investigations department of the table. The article was written after some comments were made by the department’ s director. According to the article, he expressed disappointment in the amount of resistance they were facing from firms they tried to regulate. He seems equally disappointed by the legal restraints his department faces in conducting its duties. The board’ h main duty will be regulating accounting staff and firms in the public sector. The article will be considering particular current issues that have been affecting the board’ s regulatory duties. These issues comprise both legal and moral. The Enforcement and Investigations department is responsible with regard to carrying out frequent and often unscheduled audits into firms’ activities. The post is also looking at the perception the public has on the operations of the board. It mentions a recent case of an accountant that was widely publicized.
The post focuses on information gathered from your director of Enforcement and Research at the board. He is disappointed that even though the practices the table regulates are really important especially to the public, the board cannot mention anything about such proceedings to the public. The law prohibits anyone involved in such a case from disclosing information on the case until it is resolved (Johnson 5). This seems very unfair to the general public. The director plugs that even in the event that the accounting company being investigated can be related to one more investigation by the particular Securities Exchange Payment, it cannot divulge any information towards the SEC about the particular public company. The particular author notes that will there is quite minimal information regarding the procedures associated with the board, open to the public.
The director gripes that once the department starts to investigate an accountant or accounting firm, presently there is usually little cooperation from staff. There is also evidence of tampering of records. The director proceeds to mention a recent case in which an accountant from Ernst and Young was barred for three years and agreed to pay a $500, 000 good (Johnson 3).
The article brings up that this board will be urging for legislation in Congress to help them deal with such situations better. The table wants Congress to create a change in the Sarbanes-Oxley Act. This change will permit more information about ongoing cases to be disclosed. The director also notes that there is a bad case of unreliable witnesses. This compromises the particular cases the plank handles. There can be a mention the fact that Commodity Futures Investing Commission recently obtained the power in order to go after witnesses that lie plus impose fines. The particular legislation will allow the particular board to collect even more information from the particular public. Also, within my opinion, this particular legislation will assist the perception the particular public has toward regulatory professions which usually would foster an excellent working relationship between your two parties.
The article states that the regulating practices and the particular problems that encounter the plank undermine its importance. It is essential to note that will regulatory boards secure the general public from the particular corporate world. They will have an more than whelming task associated with following all the particular rules while the particular organizations they control do not have got to follow these types of rules. I concur with this point since the Community Company Accounting Oversight Board is essential, especially in this particular era off enhanced and significant whitened collar crimes. Accountants have become quite dangerous in relationship to finance. The particular board requires even more authority over companies than it needed decades ago considering that with time, the particular task of managing accountants is becoming frustrating. Legislation is an excellent begin in strengthening the particular board to secure the general public better. I actually however believe that will the article had been biased and failed to show the justifications against the functions from the board within a neutral or even positive way.
Johnson, Sarah. “ Auditors Monkeying around along with Documents: Top PCAOB Cop Says. ” CFO, 19 Monthly interest. 2012. Web. twenty-seven Apr. 2012. (http://www.cfo.com/article.cfm/14634875)