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Sarbanes-Oxley audit reforms punish smaller corporations

Sarbanes-Oxley audit reforms punish smaller corporations

by Rick Turoczy on October 13, 2005

Offering his assessment that supervisory processes adopted by the Public Company Accounting Oversight Board are “working well,” board chairman William McDonough turned in his resignation, saying he would step down by Nov. 30.

If he thinks the processes are working well, he needs to leave sooner than that.

McDonough, the PCAOB’s first chairman, assumed the post (at a salary of $550,000 a year) with a broad mandate from Congress to restore investor confidence in public-traded companies after Enron unexpectedly collapsed.

“I came to the PCAOB in June 2003 to help it fulfill the great responsibilities assigned to it by the Sarbanes-Oxley Act to protect investors in U.S. companies by overseeing the accounting firms that audit these companies,” he said.

Sarbanes-Oxley audit reforms punish smaller corporations

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