Good judgment and thorough disclosure -- from both auditors and issuers -- are the keys to restoring investor confidence in the capital markets as well as the accounting profession, Public Company Accounting Oversight Board Chairman William McDonough told a gathering of financial executives here.

Stating that the implosions at Enron and WorldCom were the result of failures of private sector leadership, McDonough said that despite some companies and groups saying and doing the right things toward the restoration process, "vastly more needs to be done."

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