Sarbanes-Oxley News & Developments
Stiffer Accounting Standards Due Next MonthDespite the opposition, the Public Company Accounting Oversight Board should propose stronger controls.
> > Proposals for stiffening controls should be issued next month by the Public Company Accounting Oversight Board, despite the lobbying efforts of many corporations and business groups opposed to tougher standards.
According to their opponents, these stiffer accounting standards could raise audit fees by 30 to 100 percent without preventing all fraud.
On the contrary, accounting firms insist on the fact that tougher internal controls are still the best way to detect fraud. For the SEC, strong controls can definitely make things more difficult and encourage underlings to speak up in case of problems.
Source: Hoover`s
Published:2003-08-12
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