My new post is up @Going Concern.
“The PCAOB approved Auditing Standard No. 7, Engagement Quality Review on July 28, 2009. They also issued a Concept Release on requiring the engagement partner to sign the audit report. The comment period closed September 11th and boy oh boy were there a lot of comments. The firms came out en masse to denounce the proposal. I described their strategy to a friend:
“Representatives from each firm got together at CAQ HQ over dinner. (Well, maybe a conference call since everyone is tightening belt these days…) They listed all the possible objections, split them up, one each, and agreed to write the comment letters.”
Jim Hamilton’s World of Securities Regulation has a great summary of their arguments followed by a little input from yours truly…”