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PCAOB: Less Bark, More Bite?

Board urges managers to put the squeeze on accounting firms. Also: SEC supports principles-based accounting, approves SRO rules; many companies require subcertification; FASB issues final guidance on variable-interest entities.

August 4, 2003

Under the Sarbanes-Oxley Act, the Public Company Accounting Oversight Board (PCAOB) cannot publicly reveal problems it uncovers at an accounting firm if the firm fixes the problems within 12 months. To say the least, this is not a popular feature among investors who want to know about sloppy auditing practices or lack of independence from clients, notes The Washington Post. Read more...

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