New York (Feb. 27, 2004) -- Public Company Accounting Oversight Board member Daniel L. Goelzer took exception to the views of critics who contend that his organization should be renamed to more accurately reflect its mission.
In an address to attorneys at yesterday’s Glasser LegalWorks’ conference on Internal Control over Financial Reporting, Goelzer noted that some have argued that the word “accounting” should be dropped from the PCAOB’s name because the board’s jurisdiction is over “auditing, not over accounting principles.”
Others have argued that the words “public company” don’t really belong, since the board doesn’t oversee public companies, and some maintain that the term “standards” should replace the words “public company accounting” to more accurately reflect the PCAOB’s mission, he said.
“‘SOB’ would certainly be a catchier acronym than PCAOB,” but “I think that criticisms of the board’s name are fundamentally misplaced,” Goelzer told the group. “The board’s basic mission is to instill confidence in audited public company financial reports and in the accounting judgments on which those reports are based. Registering and inspecting accounting firms and setting auditing standards are the tools the board will use to accomplish that end.”
-- Ken Rankin
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