Among other provisions, it creates a regulatory board to oversee the accounting industry and punish corrupt auditors, establishes new grounds for prosecuting corporate wrongdoing and gives broad new protections to corporate whistle-blowers.
The bill creates a new board to oversee and discipline auditors, establishes new criminal statutes and longer prison terms to punish executive wrongdoing, and expands civil-court protections for defrauded investors and corporate whistleblowers.
The Court of Auditors was established in 1977 on the initiative of the European Parliament.
As a result, Deloitte is recruiting across a broader spectrum of skills and actively diversifying the skillsets of new and established auditors.
The agency's enforcement director, Linda Chatman Thomsen, said Thursday that it "is committed to ensuring compliance with the regulatory framework Congress established for auditors of public companies".
Auditors found that the infrastructure established under the Obama administration was insufficient.
There is no talk, for instance, about creating a fee-financed, independent credit rating agency, one modeled along the lines of the Public Company Accounting Oversight Board, which was established to oversee auditors after the Enron debacle — an idea floated by Christopher J. Dodd, the Senate Banking Committee chairman as recently as August.
Media-Most, which has hired foreign auditors, wants to establish that it is worth a great deal, so that Gazprom would be entitled to only a small percentage of the company.
This is an extremely rare situation for us". Those audits are conducted by independent auditors that check about 200 standards established by the association, he said.
Specifically, the effects are investigated of the human capital of auditors on the survival chances of newly established audit firms.
