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New U.S. Accounting Chief May Be ‘Tougher,’ Deloitte CEO Says

New U.S. Accounting Chief May Be ‘Tougher,’ Deloitte CEO Says

by Rick Turoczy on June 23, 2006

Mark Olson, new head of the Public Company Accounting Oversight Board, may take a tough line with auditors because of his accounting background, Deloitte Touche Tohmatsu Chief Executive Officer William Parrett said.

Olson was this week named to run the board, created by the 2002 Sarbanes-Oxley Act to set the standards for audits of U.S. public companies. A Federal Reserve governor, Olson worked for more than a decade at Ernst & Young LLP until 1999.

“The experience we’ve had with professionals leaving the profession and becoming regulators is they generally become tougher on us,” Parrett, 60, said in an interview in Singapore yesterday. He compared it to feedback from his six children, who “always say, ‘Dad, you’re tougher on us than on others.’”

New U.S. Accounting Chief May Be ‘Tougher,’ Deloitte CEO Says

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