This paper, written in 2014 by a Public Company Accounting Oversight Board (PCAOB) member, evaluates the state of audit quality and regulatory oversight over a decade after the Sarbanes-Oxley Act. It reflects on the financial reporting and auditing failures that led to the Act, and calls for continuous vigilance in auditing practices to protect investors. This article is especially relevant today as Congress considers legislation to eliminate the PCAOB and transfer its responsibilities to the SEC. Its reflections on the importance of vigilant audit regulation offer critical insights amidst this ongoing policy debate.
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