Washington (Aug. 28, 2003) -- Shaun O’Malley, chairman of troubled mortgage-backed securities seller Freddie Mac, has petitioned the Public Company Accounting Oversight Board to avoid “double jeopardy” on audit firms who may also face disciplinary action from regulators such as the Securities and Exchange Commission.

O’Malley, the former chairman of Price Waterhouse and later, chair of the Panel on Audit Effectiveness, which monitored independent audits of public companies, said the oversight body should coordinate with other regulatory agencies so audit firms would not receive compounded punishment.

Freddie Mac is under investigation for understating revenues by as much as $4.5 billion.

-- WebCPA staff

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