The preliminary report of the U.S. Treasury Committee on the Auditing Profession was released in March.It’s a well-prepared wish list of how to improve the auditing profession. Unfortunately, the report envisions solutions that have little or no chance of being instituted any time soon.
A major concern of the report is that one of the Big Four accounting firms will be “Andersenized” — be forced to fold because of a major fraud. In anticipation of such an event, the Subcommittee on Concentration and Competition recommended a “mechanism for the preservation and rehabilitation of troubled larger public company auditing firms.”
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