Professor Elam

Friday Nov 1 WSJ has a good deal worth reading.  first off a front page article suggest that regulators will be easing Sec 404 requirements of SARBOX.  We will be studying this next fall in auditing but it is worth reading now.  At issue is also the claim that IPOs initial public offering have gone overseas in response to costly regulations here.  See the graph on page one.

An old phrase that comments on a job shoddily done is, well that was good enough for government work, ie, you could not sell it as a product to the public.  Page C 3 of the same issue reports that the PCAOB has yet to issue its required report on auditors. They claim they need the audit reports to do that.  But the point is, that was one of the reasons of their creation. Recall I pointed out the symposium article in an earlier post this week, where the auditors are calling   for new reporting standards and some cover from firm collapsing lawsuits.

DLE