Donaldson said the Public Company Accounting Oversight Board, the new US audit watchdog, could not restore investor confidence alone.
Speaking before the House Financial Services Committee, he said: ‘Each accountant, from the CEO of the accounting firm to its most recently hired employee, must demonstrate a willingness to place the interests of investors above all else.’
‘Remaining independent and “telling it like it is” is fundamental,’ he added.
Donaldson was testified alongside PCAOB chairman Williamn McDonough, who told lawmakers the board was examining the ‘tone at the top’ at the Big Four accounting firms to ensure compliance with professional audit standards.
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Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day