Insights

Don Applegarth and Steve Thompson are attending the National SEC and PCAOB Conference in Washington D.C. this week. Here’s a peek at a few of their observations from Cynthia Fornelli's presentation.

Cynthia Fornelli, Center for Audit Quality, discussed renewed dedication to fostering high quality performance of public company auditors. The threats to quality include:

• assaults fair value accounting during financial crisis,
• recent legislation for exemption of non accelerated filers under Sarbanes Oxley section 404b,
• proposal to have oversight of FASB by a financial oversight committee would let one sector determine audit standards.

CAQ has responded to each of these challenges as well as provided support to investor community through the establishment of an anti fraud working group, research advisory board, academic research, IFRS guide….. all of which serves to improve audit quality and enhance investor confidence.

Schneider Downs provides accounting, tax and business advisory services through innovative thought leaders who deliver the expertise to meet the individual needs of each client. Our offices are located in Pittsburgh, PA, and Columbus, OH.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

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