New York (Sept. 9, 2003) -- Accounting firms must live up to the letter - and the spirit - of the Sarbanes-Oxley Act if they don't want the new accounting oversight board breathing down their necks, William McDonough told a group of New York CPAs in his first public speech as chairman of the Public Company Accounting Oversight Board.

In a wide-ranging speech before the New York State Society of CPAs, McDonough said the PCAOB intends to be tough, but fair, in its work overseeing the profession and setting audit standards, but said the profession itself must exceed the board’s and the public’s expectations in order to restore the trust that has been lost.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access