On September 22, I posted about the proposal to publish the name the senior audit partner who signed off on a company’s audit. http://bit.ly/1qoAUo0
One would think that having to sign something with your own name, and have that reported to the market, would be an important check on behavior. The Public Company Accounting Oversight Board apparently disagrees.
“Compromise Floated on Auditor Identities,” Wall Street Journal, October 1, 2014 C3. Compromise? Sounds like a rollover in response to opposition from accounting firms who fear suits against auditors for signing off on defective accounts. Public comment period coming shortly.
Sarbanes Oxley changed the face of financial compliance by requiring a company’s CFO to sign off on the company’s financials, at the risk of personal liability. What’s going on here? What’s being hidden and why?