Monday, October 08, 2007

Sarbanes-Oxley: Helping to Nationalize Accounting & Auditing

Sarbanes-Oxley, of course, was just a small step along the yellow brick road that will lead to total rule over private industry, especially in the realm of accounting and audit. Talk is heating up regarding the new Treasury Advisory Committee on the Auditing Profession. A recent Treasury release has Secretary Paulson stating that "this Committee has been chartered to develop recommendations as to what can best be done to sustain a vibrant auditing profession, a profession whose work is critical to investor confidence in our capital markets."

This committee, made up of some very powerful and statist players, will "examine auditing industry concentration, financial soundness, audit quality, employee recruitment and retention, in addition to other topics. Treasury expects the committee to produce findings and recommendations by early summer 2008." The government will also determine whether or not the structure of audit firms is proper, and whether the auditor profession is sustainable. The government is not hiding its omnipotent agenda; the fact that they will "examine" the employee recruiting and retention process should send some fairly transparent clues.

Sarbanes-Oxley: Helping to Nationalize Accounting & Auditing

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