Current Grant Thornton CEO Ed Nusbaum and incoming CEO Stephen Chipman talked about the Supreme Court’s upcoming hearing of a challenge to the constitutionality of the Public Company Accounting Oversight Board.

“As appealing as some of our audit partners may think it would be to have the PCAOB ruled unconstitutional because they don’t like the inspection process, our belief, my belief personally, and I think the firm’s belief, is that the PCAOB is critical,” Nusbaum told Accounting Today editor-in-chief Bill Carlino. “The PCAOB has been hugely successful at changing the profession,” he added. “While we don’t always like those inspections, the fact of the matter is that they do change behavior.”

Stephen Chipman, chief executive of Grant Thornton’s Greater China Management Corp., will succeed Nusbaum as CEO of the U.S. member firm Grant Thornton LLP in January, when Nusbaum becomes CEO of Grant Thornton International. “Fortunately for the profession and for Grant Thornton, the Chinese government is very supportive about growing and developing the profession, and improving quality, and has actually looked to the PCAOB and other regulators around the world for best practices,” said Chipman.

To watch the interview, click on the video image below:

To view the first two parts of the interview, see Video: Ed Nusbaum and Stephen Chipman of Grant Thornton, part 1 and Grant Thornton Execs Talk Work/Life Balance.

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