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ARTICLE · 03 APRIL 2017

Senators Again Seek to Open PCAOB Disciplinary Proceedings

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Senators Charles Grassley (R-Iowa) and Jack Reed (D-Rhode Island) have re-introduced their proposal to open to the public disciplinary proceedings by the Public Company Accounting Oversight Board against accountants.

United StatesAccounting and Audit
Thomas W. White
Thomas W. White
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Senators Charles Grassley (R-Iowa) and Jack Reed (D-Rhode Island) have re-introduced their proposal to open to the public disciplinary proceedings by the Public Company Accounting Oversight Board against accountants. Under the Sarbanes-Oxley Act, PCAOB accountant disciplinary proceedings are non-public until the PCAOB imposes sanctions on an accountant or accounting firm and any stay of such proceedings pending appeal to the SEC has been lifted. According to Senator Grassley, this "secrecy provides incentives to bad actors to extend the proceedings as long as possible so they can continue to do business without notice to businesses about potential problems with a particular auditor."

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