B&W's Blog

Responses to Accounting Today Article

Hi Brad,

Great article!

Attached is my current summary of PCAOB reports on non-national reports (everyone but the 8 largest).

10 SEC audit clients) vs. 'small SEC niche' (

- of the 'large SEC niche' companies, only 3 of 36 have clean reports. Only 36 of about 110 have been reported on to date.

I keep asking my marketing advisor how I can publish the above, and she keeps telling me 'no,' because it would sound like sour grapes and she doesn't think my voice would be heard.

I think the PCAOB efforts would be much more constructive if kept private - this information made public becomes misinformation because (a) you can't compare the results among the firms, (b) they have too broad a definition of what constitutes an 'audit failure,' (c) the profession is not buying into the PCAOB reporting process, and (d) they are taking too long to cover and report on everyone. Almost everyone inspected and criticized in 2005 is now flatly saying in their made-public response letter: "Audits involve judgments and we don't agree with your findings."

John

_______________________________________________________________

Dear Brad,

Just wanted to introduce myself and say thank you for your courage in bringing the lawsuit against PCAOB. SOX has to be one of the worst pieces of legislation to be passed by Congress since the 1933-34 SEC Acts.

I have written a Blog about your Accounting Today article at our Web site you may find interesting:

http://www.verasage.com/index.php/community/comments/the_sarbanes_oxley_debacle/

Keep up the great work! What you are doing is vital for our country's spirit of enterprise, not to mention our profession, which is slowly being regulated into irrelevance.

Sincerely,

Ron Baker, Founder
VeraSage Institute
www.verasage.com

2006-08-22 23:04:56 GMT

Site Home




			Beckstead and Watts PCAOB Registration, Auditing, and Other Experiences

			Responses to Accounting Today Article Hi Brad, Great article! Attached is my current summary of PCAOB reports on non-national reports (everyone but the 8 largest). 10 SEC audit clients) vs. 'small SEC niche' ( - of the 'large SEC niche' companies, only 3 of 36 have clean reports. Only 36 of about 110 have been reported on to date. I keep asking my marketing advisor how I can publish the above, and she keeps telling me 'no,' because it would sound like sour grapes and she doesn't think my voice would be heard. I think the PCAOB efforts would be much more constructive if kept private - this information made public becomes misinformation because (a) you can't compare the results among the firms, (b) they have too broad a definition of what constitutes an 'audit failure,' (c) the profession is not buying into the PCAOB reporting process, and (d) they are taking too long to cover and report on everyone. Almost everyone inspected and criticized in 2005 is now flatly saying in their made-public response letter: "Audits involve judgments and we don't agree with your findings." John _______________________________________________________________ Dear Brad, Just wanted to introduce myself and say thank you for your courage in bringing the lawsuit against PCAOB. SOX has to be one of the worst pieces of legislation to be passed by Congress since the 1933-34 SEC Acts. I have written a Blog about your Accounting Today article at our Web site you may find interesting: http://www.verasage.com/index.php/community/comments/the_sarbanes_oxley_debacle/ Keep up the great work! What you are doing is vital for our country's spirit of enterprise, not to mention our profession, which is slowly being regulated into irrelevance. Sincerely, Ron Baker, Founder VeraSage Institute www.verasage.com 2006-08-22 23:04:56 GMT Site Home