Disgruntled members of the Public Oversight Board last week announced their decision to disband the body after Harvey Pitt, SEC chairman, said he was to shake up regulation of accountancy without consulting the five-member board.
The collapse of Enron, once the US’ seventh largest public company, and the ensuing scandal over the shredding of documents by its auditors Andersen has focused attention on regulation of the accountancy profession.
One of Pitt’s main criticisms of regulation last week was the practice of peer reviews, which the Board currently oversees.
It is unclear whether Pitt’s conciliatory move is an endorsement of peer review which has been heavily criticised in the wake of the Enron scandal involving company auditors Andersen.
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