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.
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