In talking to accountants about the impact of Sarbanes-Oxley on the profession, I notice one common theme running through all the comments, both those of doom and gloom and those of optimism. It is an air of uncertainty.

The uncertainty begins with the concern over how the Public Company Accounting Oversight Board (PCAOB) will perform, and the extent to which it will further restrict the non-audit service activities of accounting firms conducting audits. The unease extends to how much will cascade down to the state level and impact services that accounting firms provide to nonpublic companies.

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